Dong Keyong: Coping with the challenges of population aging and doing a good job in pension finance is a big article

China News Service, Fuzhou, October 23 (Zheng Jiangluo) On the 23rd, at the Second Straits Senior Care Industry Expo, Professor Dong Keyong, founding dean of the School of Public Administration at Renmin University of China and chief expert of the Insurance and Pension Finance Research Center of Tsinghua University PBC School of Finance, said that it is necessary to do a good job in pension finance to provide solid support for the high-quality development of the silver economy.

According to Dong Keyong, the aging of the population poses new challenges to the current pension system and pension financial system. Pension finance is the sum of various financial activities carried out in response to the aging of the population and around the diverse pension needs of social members. It includes three organic components: pension finance, pension service finance, and pension industry finance.

He pointed out that pension finance is the "basis", pension service finance is the "supplement", and pension industry finance is the "support". The three are interconnected and together form the pension finance "ecosystem".

Dong Keyong mentioned that after retirement, the elderly will go through different stages such as active retirement care, rehabilitation care, and long-term care. They need not only economic security to maintain their pre-retirement living standards, but also matching full-cycle service supply. "The elderly care industry runs through the entire chain of clothing, food, housing, transportation, medical care, health care, health, sports, entertainment, and education for the elderly. It is not only a livelihood undertaking related to the well-being of hundreds of millions of people, but also a sunrise industry with huge potential."

Dong Keyong suggested that in the field of pension service finance, it is necessary to innovate product models, expand service coverage, accelerate the innovation of pension products in the second and third pillar pension receiving stages, develop professional pension financial investment advisory services, and continue to promote product and system innovation; in the field of pension industry finance, it is necessary to adapt to the characteristics of the industry's long investment return cycle and low yield, subdivide industry categories, establish unified standards, and actively explore new sustainable service models.