On October 13, the “2024 Pension Finance Navigator Dialogue” forum took place in Xiamen, bringing together guests to discuss the latest developments and innovations in the pension finance sector amid the ongoing challenge of an aging population.
The event was co-hosted by Junlong Life Insurance and the Xiamen branch of CITIC Bank, under the guidance of the Xiamen Bureau of the National Financial Regulatory Administration and the Financial Committee Office of the Xiamen Municipal Party Committee. Participants included leading figures from the banking, insurance, and elderly care industries, who shared insights from various perspectives, including policy, market trends, and innovative approaches. This dialogue aimed to address the national strategic needs posed by demographic shifts and to explore new models for the development of the elderly economy.
Wang Zhongmin, former Vice Chairman of the National Social Security Fund, was present to offer his findings from 24 years of experience in the social security sector. He emphasized the importance of understanding the pension finance market through a broader lens, analyzing the current economic climate’s impact on this market and suggesting response strategies.
In light of the accelerating aging process, significant pressure on pension payments, and challenges to financial sustainability, Wang highlighted the growing demand for elderly care. He urged for a richer variety of pension insurance products and the need to leverage opportunities presented by advancements in asset management, artificial intelligence, and big data to reshape the pension finance landscape.
The elderly economy, now valued at 70 trillion yuan, presents a concrete opportunity for stakeholders. Renowned financial writer Wu Xiaobo engaged the audience in a discussion about the “Surfing Generation” and its approach to the latter half of life. He illuminated five key aspects of the aging market, revealing that the benefits of aging extend beyond healthcare into the realm of financial services and the reform of the financial supply side.
Wang Wenhuai, Chairman of Junlong Life Insurance, stressed the importance of adhering to the core principle of “insurance is for protection.” He expressed the company’s commitment to developing a competitive model centered on “products and services” and creating a healthy ecosystem. He also saw this forum as a chance to collaborate with outstanding partners in the industry to address the pension challenges faced by 1.4 billion people in China.
Wang Hongdong, Party Secretary of Xinyin Wealth Management, discussed a “four-step” approach to becoming one’s own CFO and highlighted four key practices the bank is pursuing in optimizing pension finance. He reaffirmed the institution’s commitment to deepening structural reforms in financial supply.
Co-CEO of Yidekang Healthcare, Wang Shuo, addressed solutions for ensuring quality elderly medical care delivery, contributing to enhanced industry standards and service capabilities.
In recent years, the demand for healthcare and elderly care services has surged, prompting the development of China’s third pillar of pension systems. This shift is transforming investment in pensions into a mainstream concern, transitioning from a survival-driven to a lifestyle-focused approach. These new trends and changes bring additional requirements and challenges to the pension finance market in China.
During the forum’s roundtable discussion, Lin Yaomin, co-founder of Today’s Insurance, moderated a session with Wu Muguo, Chief Accountant of Xiamen’s Human Resources and Social Security Bureau, Guang Yao, Founder of Shouhui Group, and Xu Wei, Deputy General Manager of Jianfa Health Group. They engaged in a forward-looking discussion on the diverse needs and challenges faced by different demographic groups in pension financing, addressing critical issues of our time.
