Guo Shuqing, Chairman of the China Insurance Regulatory Commission: Has accumulated a long-term reserve of nearly 9 trillion yuan for the people's pension and health
Since the reform and opening up, China's economic development has made tremendous progress, and the people's needs have been upgraded from the beginning to the end. However, from an international perspective, China has the largest number of elderly populations and the fastest aging population. The task of aging population is particularly heavy and the challenges are particularly severe. The profound changes in the economic and demographic conditions have brought China into a new stage of becoming rich and getting old and getting richer and faster.
On October 25, at the International Pensions Supervisor's Global Pension Forum, Guo Shuqing, Chairman of the China Banking Regulatory Commission, made comments on the construction and improvement of the current pension system.
Guo Shuqing said: "Each coin has two sides. The key is how to deal with the challenge. Because of the situation, it will turn the population pressure into an opportunity for economic transformation."
Guo Shuqing said that since the reform and opening up, in the face of the transition of the economic system, the advancement of urbanization, the rising cost of old-age care and the rapid ageing of the population, the institutional designers of China's old-age security system have focused on solving various problems, including the channels for pension financing. The model is single, the pension accumulation of the retired population is insufficient, the population dependency ratio is rising, etc., and efforts are made to build a pension system that is fair and reasonable, stimulating, adequate, economically sustainable, and conducive to long-term capital formation and economic growth. Positive results. At present, the first level of basic pension insurance, the second level of enterprise annuity, occupational annuity and group commercial endowment insurance, and the third level of personal commercial endowment insurance constitute the Chinese pension system shared by the government, enterprises and residents. Basic framework.
At the same time, the structure of China's pension is not balanced enough. Public pensions are still dominant at the current stage, and the proportion is too high. The market-oriented occupational and personal pension development is still insufficient. Exposed. Further development and improvement of the market-based pension system is of great practical significance for enhancing the stability of China's pension insurance system and achieving a "more fair and sustainable" development goal.
"Banking and insurance are the backbone of China's pension market. In the field of public pensions, they actively participate in market-based management practices. In the field of occupational pensions, they become the mainstay of market-based operation of corporate pensions, of which they are entrusted to the insurance industry. And the banking industry, investment management is oriented to the entire (financial) market.” Guo Shuqing said that nine professional pension insurance institutions have been approved. In 2017, the entrusted management enterprise annuity assets reached 624.6 billion yuan. In the field of personal pensions, the development of commercial endowment insurance has accumulated a long-term reserve of nearly 9 trillion yuan for the people's pension and health. Piloting the housing reverse mortgage pension insurance and launching a pilot program for personal tax-deferred commercial endowment insurance.
Guo Shuqing said that the China Insurance Regulatory Commission will continue to deepen reforms. Promote the structural reform of the supply side of the pension market, give full play to the professional advantages of the banking industry and the insurance industry, accelerate the development of commercial endowment insurance, focus on expanding the replacement rate of the second pillar and the third pillar, and increase the support of the banking industry and insurance industry for the pension industry. Strengthen the promotion of commercial pension insurance to provide long-term capital for economic development. At the same time, it will continue to expand. With the goal of promoting competition and optimizing the structure, we will unswervingly promote the opening up of the banking and insurance industries, implement the established open measures such as the liberalization of stock ratios, and encourage foreign banks and insurance institutions to participate in the pension sector. Actively introduce foreign-funded professional pension insurance institutions.
In addition, Guo Shuqing also made recommendations from three aspects to promote the reform of the international pension system. First, it is necessary to combine pension reform with the promotion of long-term economic growth. Solve the pension gap. In the long run, it is still necessary to promote economic growth. The pension system is a basic system of a country. The pension system is unreasonable. It will distort the labor market and social incentive mechanism, increase the operating cost of enterprises, restrain the formation and accumulation of capital, and reduce the efficiency of resource allocation. Therefore, we must consider the reform of the pension system. And the economic endogenous power, fundamentally solve the problem of insufficient pension financing capacity.
Second, we must combine pension reform with strengthening pension regulation. The reform of the pension system should fully consider the development level of the financial market and the level of financial supervision, so that the pension system is in line with national conditions. Strengthen macro-examination and supervision to maintain economic and financial health. Insist on the supervision of the principle of supervision, guide pension investment institutions to establish a long-term and stable investment philosophy, improve the technical level of supervision, and promote long-term value-added of pension funds.
Third, we must combine pension reform with the development of the pension industry. In the process of reforming the pension system, it is necessary to integrate the old-age resources of medical care, old-age care, and old-age care communities, and promote the construction of pension insurance service industry systems, standards, facilities, and talent teams. In particular, we must pay attention to the application of new technologies and enhance the pension industry. Supply capacity and level.
"The old and the old, the old and the old, the end of the old" is the common pursuit of mankind. As the largest developing country in the world, China will pay more attention to pension reform and development and more actively respond to the problem of aging." Guo Shuqing said that the China Banking Regulatory Commission is willing to work with all member units to establish a more close mechanism for supervision and information sharing, expand mutual openness, tap the potential of cooperation, share development opportunities, and contribute Chinese wisdom to the positive response of human society to aging.