Zhongxin Finance, May 29 (Zhong Shuang) The Chinese official recently released the "Opinions on Promoting the Development of Personal Pensions" (hereinafter referred to as "Opinions"), which aims to establish personal pension products that allow all residents to participate and invest in banks. Wealth management, savings deposits, commercial pension insurance, public funds and other products.

  Since the release of the "Opinions", the personal pension system has become a hot topic, but what is the difference between the personal pension system and social security and commercial pension insurance?

Why implement this system outside of social security?

In the context of China's aging population, what role will the vigorous development of the personal pension system play?

  A symposium on "The Significance and Challenges of the Personal Pension System" organized by the Chinese Society of Gerontology and Geriatrics and the Aging Finance Branch in conjunction with the Hospital Management Research Institute of Tsinghua University, Peking University HSBC Financial Research Institute, Shenzhen Asset Management Society and Tencent Finance Held online recently, a number of experts had an in-depth dialogue on the significance and challenges of the individual pension system.

Zhou Ling, secretary general of the Aging Finance Branch of the Chinese Society of Gerontology and Geriatrics, believes that in this period of coexistence of opportunities and challenges, vigorously developing the personal pension system may bring a breakthrough to the problems faced by China's aging population.

  Ba Shusong, vice president of the Chinese Society of Gerontology and Geriatrics and executive director of Peking University HSBC Financial Research Institute, believes that the introduction of a personal pension system is the key to improving the three-pillar pension insurance.

  "From a national level, especially at a time when aging is accelerating, from an individual perspective, the personal pension system involves the actual interests of everyone. Compared with developed economies, China's population is aging faster. This is not only the result of the rapid and stable development of China's economy and society and the substantial improvement of the quality of life of the Chinese people." Ba Shusong said, therefore, the introduction of a personal pension system is the key to improving the three-pillar pension insurance.

  In China, the individual pension system is still a "newborn", how should we ensure its "healthy growth"?

Yang Yansui, executive deputy director of the Aging Finance Branch of the Chinese Society of Gerontology and Geriatrics, said that from the perspective of fairness, the fairness of the pension system needs to be widely covered and the treatment gap is small.

China is the world's largest pension scheme that broad coverage has been achieved.

However, differences in basic pensions still exist, such as the dual-track system, which is an urgent problem to be solved.

  Secondly, the efficiency is reflected in the progress of the aging of the population. As China's big data enters the initial stage, the deep stage, and the advanced stage, the pension system needs to be gradually improved.

Sustainability depends on the ability to raise funds, pay, and whether the income and expenditure can be balanced in the long run.

  The relevant person in charge of Tencent Wealth Management said to Zhongxin Finance that pension is a major event related to social well-being, and we have a strong willingness and ability to play an active role in the construction of the third pillar of China's pension system.

All workers who participate in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents in China can participate in the individual pension plan.

As of the end of March this year, the number of people participating in the two types of basic old-age insurance reached 1.03 billion.

It can be said that the individual pension plan will be a "universal plan".

  The person in charge said that an Internet wealth management platform with a broad user base can play an active role in the opening and designation of relevant accounts, deposits and investments, and investor education.

  Jiang Zhaokun, a researcher at the China Insurance and Pension Research Center at the PBC School of Finance, Tsinghua University, said that the biggest attraction of the personal pension system is the tax incentives, which are not only government subsidies but also a long-term savings incentive mechanism.

  In addition, in addition to tax incentives and long-term savings, products purchased through individual pension accounts have been strictly screened, and have passed the checks of regulatory authorities, including financial institutions and industries, and have a relatively smooth yield curve.

"Therefore, relatively complete gatekeeping and tax incentives have guaranteed the attractiveness of the individual pension system." Jiang Zhaokun said.

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