The Chinese mainland on Friday unveiled a comprehensive set of measures aimed at strengthening financial support for its pension system and advancing the high-quality development of the silver economy.
An official document released by the People's Bank of China and eight other authorities outlines 16 key initiatives. These include providing diversified financial services, channeling more resources to rural areas, and aiding individuals in financial planning and retirement preparation.
To bolster sectors related to the silver economy, the Chinese mainland will expand financing channels, enhance credit support, and increase direct financing. Additionally, efforts will be made to improve the design and investment management of pension products, crack down on illegal financial activities, and strengthen financial literacy education and consumer protection for the elderly.
The goal is to establish a supportive financial system for pension services and the silver economy by 2028. These measures are part of China’s broader strategy to address the challenges posed by an aging population.
In a significant move on Thursday, the government announced the expansion of a private pension scheme from 36 pilot cities and regions to the entire country. This expansion complements the existing national pension system, providing an additional layer of support for the aging population.
Reference(s):
China to step up financial support for pension system, silver economy
cgtn.com
