China's National Financial Regulatory Administration has issued an implementation plan to steer the “high-quality” development of pension finance across banks and insurers, setting out a work approach and development objectives for the next five years. The plan positions pension finance as part of the regulator’s broader policy framework and aims to align bank and insurance-sector offerings with diversified retirement needs, multi-tier pension system construction and the development of the “silver economy”, alongside tighter governance and supervision. The plan contains seven sections and 20 measures. It calls for institutions to strengthen participation in the multi-tier, multi-pillar pension insurance system, including service capabilities for basic pension schemes, enterprise and occupational annuities, and the continued healthy development of the personal pension system, while advancing reforms in commercial pension finance. It also requires increased credit supply and wider equity and debt investment channels for eldercare-related industries, enhanced insurance risk protection for the pension sector, broader protection coverage and improved financial services for older customers, and stronger safeguarding of elderly consumers’ financial rights. Internally, banks and insurers are directed to improve organisational structures, management mechanisms, performance assessment and digital transformation, while supervision is to be reinforced through updated rules, improved oversight, ongoing market-order standardisation and enforcement against illegal and non-compliant activity. Next steps include guiding banks and insurers to implement the plan and proactively develop pension-finance business lines, steadily advancing pilot programmes for commercial pension finance, and building a supervisory制度体系 aligned with business development and risk control. The regulator also plans to explore a supervisory evaluation framework, promote industry self-regulatory bodies’ education and outreach on pension finance, and encourage local product and service pilots where conditions are mature.
China Banking and Insurance Regulatory Commission 2025-03-28
China's National Financial Regulatory Administration issues a five-year implementation plan for high-quality pension finance in banking and insurance
China's National Financial Regulatory Administration has unveiled a five-year plan to boost pension finance among banks and insurers, targeting diversified retirement needs and the "silver economy." The plan aims to enhance pension insurance systems, eldercare investments, and financial services for older customers, with improved governance and supervision. Banks and insurers are encouraged to develop pension-finance business lines and pilot programs, alongside strengthened oversight and industry education.