More diversified, vital pension system sought to ensure smoother golden years

With increasing policy support and market innovation, a more diversified and vital pension finance market is being formed in China amid rapid population aging.

Pension finance, put forward as one of the "five major sectors" at the Central Financial Work Conference held in 2023, has received significant attention. Then in 2024, the State Council, the country's Cabinet, issued a series of policies intended to accelerate the establishment of a comprehensive pension finance system and promote the integration of medical and elderly care, including eldercare services and industrial synergy. Among basic endowment insurance, enterprise annuities, private pensions and the three-pillar pension insurance system, private pensions are becoming a key factor.

To meet varied needs, financial institutions have introduced diversified products such as target-date funds, pension wealth management, commercial pension insurance and pension trusts to the market, helping the pension finance market expand rapidly. Meanwhile, emerging innovative products and improved adaptability have also enhanced the user experience for seniors.