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In Depth: China’s Pension Finance Push Falls on Deaf Ears

In Depth: China’s Pension Finance Push Falls on Deaf Ears

Despite the government’s efforts, savers aren’t pouring money into personal retirement accounts and banks have been reluctant to expand lending for elderly care

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Caixin Global
Jun 06, 2024
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Caixin Global China Watch
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In Depth: China’s Pension Finance Push Falls on Deaf Ears
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An elderly man uses a magnifying glass to examine the 2023 pension policy in Jingmen, Hubei province, July 18, 2023. Photo: VCG

Two things have become clear since the government made bolstering retirement finance a top priority last October.

One is that the push for Chinese people to pour money into personal retirement accounts is falling flat.

The other is that financial institutions aren’t responding in a big way to pressure to expand lending to the elderly care industry.

In an era marked by longevity, low interest rates and aging populations with fewer children, comprehensive retirement planning has become essential, said Wang Hongdong, general manager of China Citic Bank’s wealth management department. The industry urgently needs to shift from selling products to focusing on asset allocation and comprehensive financial and pension planning, he said.

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