The Financial Street Forum 2024 is currently underway in Beijing, running from October 18 to 20. On the second day of the forum, industry leaders and policymakers gathered at a parallel session titled “Propelling High-Quality Development of Pension Finance: Global Progress and China’s Opportunities.” The session focused on the three pillars of China’s pension system: the public scheme, the enterprise scheme, and the private schemes.
As China addresses the challenges of an aging population, the sustainability of its pension system has become a pressing concern. The public scheme serves as the foundation, providing basic retirement security. Complementing it is the enterprise scheme, which encourages employers to contribute to their employees’ future. The private schemes offer individuals the opportunity to enhance their retirement savings through personal investments.
Experts at the session emphasized the importance of strengthening all three pillars to ensure a robust and resilient pension system. Discussions centered on global best practices and how China can seize new opportunities in pension finance to meet the evolving needs of its society.
The forum provided a platform for collaboration and knowledge sharing, highlighting China’s commitment to advancing its pension system. Attendees expressed optimism about the prospects for growth and the potential benefits for retirees across the nation.
Reference(s):
cgtn.com
