China's National Financial Regulatory Administration published an implementation plan for the high-quality development of pension finance in the banking and insurance sector, setting requirements for banks and insurers to deepen their role in building a multi-tier, multi-pillar pension insurance system and to increase financial support for the elderly care-related “silver economy”. The plan also targets improved financial services for older people, stronger internal governance for pension-finance business lines, and enhanced supervisory arrangements. The plan contains seven parts and 20 measures spanning: overall requirements; participation in the multi-tier, multi-pillar pension insurance system; financing support and risk protection for the pension industry; improved services for elderly groups; strengthened internal governance; enhanced and improved supervision; and a multi-party coordination framework. It aims to improve the suitability of products and services, expand the supply of commercial pension-finance products, widen channels for funds to enter pension-finance fields, increase financing support and risk protection for the silver economy, and strengthen protection of elderly financial consumers’ rights. Next steps focus on implementation and supervisory follow-through, including pushing institutions to plan and expand pension-finance offerings to meet diverse needs, while strengthening risk prevention, market order, and consumer protection with an emphasis on older customers.

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