2023 China International Fair for Trade in Services highlights ideas for pension reform

With the increase in per capita disposable income, the silver economy will become a powerful driving force for China's domestic demand and a new growth point for high-quality economic development, said Zhang Bin, chairman of online financial information provider, JRJ.com, at a forum of the ongoing 2023 China International Fair for Trade in Services on Tuesday.

Against the backdrop of actively addressing the aging population, it is imperative to carry out supply-side structural reforms in pension finance to enable every elderly person to enjoy a happy and fulfilling retirement. Zhang made the statement at a forum focusing on pension finance, which attracted government departments, regulatory agencies, top experts, and corporate executives from the banking, insurance, fund and securities sectors.

The 2023 CIFTS has set up nine special topics including finance, health and sanitation, computers and information services, attracting more than 80 countries and international organizations to exhibit and hold conferences at the event.

"The aging population and declining birthrates have posed great challenges to our pension system," said Wang Zhongmin, former vice-chairman of the National Social Security Fund Council, in his keynote speech.

Planning for retirement is crucial as many young people do not want or are unwilling to have children. In the long run, pension investments can overcome market fluctuations and the tax system is expected to continue to improve, he added.

"China is facing the challenge of an aging population, and we need to accelerate the development of the second and third pillar pensions to alleviate the pressure on public pensions," said Dong Keyong, professor at Renmin University of China and secretary-general of the Chinese Pension Finance 50 Forum, during his speech at the forum.

China's pension system has made great achievements in construction but also faces severe challenges, with the main contradiction being the unbalanced structure of the system. We need to transform from "savings for retirement" to "investment for retirement" and share the benefits of economic development, Dong said.

Yanshu Academy, as an academic support institute of the forum "Global Pension Finance Conference" at the 2023 CIFTS, is a specialized research institution initiated by JRJ.com to conduct research projects in areas such as insurance, healthcare, technology and branding.

cap: The forum "Global Pension Finance Conference" was held on Tuesday at the 2023 CIFTS, which attracted government departments, regulatory agencies, top experts, and corporate executives from the banking, insurance, fund and securities sectors.