(Economic Observation) How to build China's pension insurance system to meet the challenges of aging in the future?

　　China News Service, Beijing, October 22 (Reporter Xia Bin) The number of elderly people aged 60 and over in China exceeds 264 million. The aging of the population is further deepened. In the future, it will continue to face the pressure of long-term balanced development of the population, and elderly care has become unavoidable. Hot topic.

At the "2021 Financial Street Forum Annual Meeting" held here, the guests at the meeting offered suggestions on how to build China's pension insurance system.

　　In fact, after years of development, China has initially established an old-age insurance system including basic pension insurance (first pillar), enterprise (occupational) annuities (second pillar), and personal commercial pension insurance (third pillar).

The basic multi-level old-age insurance featuring the "three pillars" has been basically established and is becoming more and more perfect.

　　Nie Mingjun, director of the Pension Insurance Department of the Ministry of Human Resources and Social Security of China, said that from the perspective of coping with aging and resolving pension payment risks, the multi-pillar and multi-level pension insurance system is more risk-controllable and sustainable.

　　At the same time, from the perspective of China, a multi-pillar and multi-level insurance system is not only needed to distinguish the pension responsibilities of the state, enterprises and individuals, but also important for coping with the aging of the population and dissolving pension insurance payment risks, so as to realize the smooth operation and sustainable development of the system. Initiative.

　　At present, basic old-age insurance based on the basic old-age insurance for urban employees and basic old-age insurance for urban and rural residents is developing rapidly. Nie Mingjun revealed that as of the end of June this year, it has covered more than 1 billion people, with a participation rate of more than 90%, and the level of benefits has been steady. improve.

As of the end of September this year, the accumulated balance of the basic pension insurance fund for employees reached 4.97 trillion yuan.

　　“The three pillars of the pension system need to be balanced with each other like a three-legged stool.” Daniel Watkins, CEO of JP Morgan Asset Management Asia Pacific, said that China and the Asia-Pacific region are rapidly entering the aging process, which is important for policymakers and policymakers. Financial institutions are all very critical, and a comprehensive pension system needs to be established through collaboration.

　　Building a multi-level and multi-pillar pension insurance system requires strengthening the system design.

Nie Mingjun said that it is necessary to clarify the basic functional positioning of basic pension insurance, with the continuous improvement of economic development and work level, it is necessary to maintain a moderate level of substitution, while also leaving room for the development of the second and third pillars, through the orderly implementation of pensions. The top-level insurance design clarifies various major reform measures to ensure a fairer and more sustainable development of basic pension insurance.

　　With the "Fourteenth Five-Year Plan" "Implementation of the National Strategy to Actively Address the Ageing of the Population", the retirement wealth reserves have been placed in a more important position.

　　Chen Xiangjing, director of the Pension Management Department of the National Council of Social Security Fund, said that pension wealth is an important financial foundation for coping with population aging, an important part of the implementation of the national strategy to actively respond to population aging, and it is also an important part of ensuring and improving people’s livelihood and promoting common prosperity. Important way.

　　She pointed out that with the continuous improvement of the top-level design and the vigorous promotion of the regulatory authorities, the accumulation of China's pension wealth reserves has achieved good results. By the end of 2020, the total assets of the National Social Security Fund have reached 2.92 trillion yuan.

　　Toshiyasu Iiyama, executive director of Japan's Nomura Securities Holdings, chairman of the China Committee and chief health officer, said that the public and private sector pension plans jointly provide a source of income for individuals after retirement. On the whole, the combination of the two is very necessary.

It is unrealistic to promise high public pension benefits in an aging society. Therefore, the role of the public pension system is to guarantee the basic income after retirement. On this basis, the higher pursuit of a happy life requires the help of the private sector. Pension plan to achieve.

　　Yuan Changqing, vice chairman and president of China Life Insurance Company, stated that the financial industry should actively expand service areas such as "old-age finance+", and flexibly use direct or indirect financing tools such as bank credit, debt, equity, and funds to provide high-quality pensions. Institutions and pension service providers provide fast financial services.

　　In addition, financial institutions should follow the principles of safety, prudence, rationality, and compliance in carrying out pension financial services, coordinate safety and development, and effectively manage pension funds for the people, and maintain the basic foundation of the country's livelihood stability.

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