China has unveiled a series of measures aimed at enhancing financial support for the country’s pension system and fostering high-quality development of the silver economy.
On Friday, the People’s Bank of China, together with eight other authorities, released an official document outlining 16 key initiatives. These measures include providing diversified financial services, directing more resources to rural areas, and supporting individuals in financial planning and preparation for retirement.
The country plans to expand financing channels for sectors related to the silver economy, strengthening credit support and increasing direct financing. Efforts will also focus on enhancing the design and investment management of pension products, cracking down on illegal financial activities, and bolstering financial literacy education and consumer protection for the elderly.
According to the document, a supportive financial system for pension services and the silver economy will be established in basic terms by 2028.
China is taking significant steps to address the challenges brought by its aging population. On Thursday, the government announced that a private pension scheme would be expanded from 36 pilot cities and regions to the entire country. This expansion complements the current national pension system, offering another layer of support for China’s aging population.
Reference(s):
China to step up financial support for pension system, silver economy
cgtn.com
