Recently, Huang Hong, vice chairman of China Banking and Insurance Regulatory Commission, said at the summit of the first quarter of 2020 of the global wealth management forum that there are two steps to plan for the reform of China's three pillar endowment insurance system: first, according to the actual situation, we should strive to make up for the gap of pension security, and vigorously develop the commercial endowment insurance of "income security, long-term locking, life-long collection and mutual assistance", especially the "life-long leadership" The functions of "taking" and "mutual assistance and mutual assistance"; the second is to improve the quality of pension services according to higher requirements, and provide various forms of pension arrangements, such as home-based pension, community pension, housing pension, commercial pension, etc., by encouraging the development of various forms of pension financial products, such as commercial insurance, financial management, trust, fund, etc.
Huang Hong said that at present, China's financial system is dominated by banks, and the insurance industry, including commercial endowment insurance, has been under developed for a long time. In 2018, the total assets of the insurance industry accounted for only 6.24% of the financial system. At the same time, the existing financial system transforms the national savings into the liabilities of enterprises and residents, which improves the leverage ratio of the national economy. The development of the third pillar endowment insurance is of great significance to reduce the economic leverage, promote the balanced development of the financial system and prevent and control the risks of the financial system.
On the whole, there is a long way to go to build a multi-level pension security system. In order to better promote the reform and development of the third pillar pension system, Huang Hong put forward four specific suggestions.
First, strengthen strategic planning and plan the development of the third pillar pension from the height of the national key development strategy. We will integrate this work into the fourteenth five year plan for national economic and social development, strengthen top-level design and strategic guidance, adapt to the characteristics of the third pillar pension system, which is highly stakeholder oriented and difficult to adjust, and enhance the scientific, forward-looking, systematic and inclusive design of the third pillar pension system from the perspective of promoting structural reform on the financial supply side.
Second, improve policy support. Including the introduction of a variety of policy incentives, strengthening publicity and guidance; as soon as possible to improve the tax extended commercial endowment insurance pilot policy, expand the scope of the pilot, increase the amount of personal contributions, etc.; research and formulate the policy measures to transform personal savings into personal savings pension; formulate and issue the third pillar pension accumulation of investment income tax-free policies.
Third, deepen reform and opening up. In close combination with China's actual situation and development stage, we will deepen the reform of the existing pension system and mechanism, encourage the establishment of professional pension institutions, and further stimulate the development vitality of the third pillar pension market. We will deepen reform in the areas of development of pension products and service supply, support market institutions in developing the third pillar of pension insurance products in accordance with the needs of the masses, and improve the level of pension services. We will increase opening up, encourage international professional pension institutions to enter the Chinese market, and give full play to the advantages of international institutions in risk pricing and risk management.
Fourth, we need to strengthen capacity-building and improve the third pillar of the elderly care infrastructure. On the basis of the existing financial infrastructure, strengthen the integration of resources, promote the integration and standardization of information system, consolidate the foundation of the long-term development of commercial pension institutions; strengthen the application of financial science and technology such as Internet and big data; promote the precise pricing of risk in the field of pension security, continuously improve the level of pension actuarial technology; improve the risk tolerance and interest rate risk tolerance of institutions Management ability, improve asset liability management, smooth risk response and pension security services in various economic cycles; strengthen personnel training, constantly attract high-quality talents at home and abroad, make up the talent gap in pension actuary and other fields, and provide continuous intellectual support for the construction of pension security system.
