New Pillars for Pension under the "Silver Wave": The Improvement Path of China's Personal Pension System

Xinxin Liu; Binghui Zhou

doi:10.47297/wspdecWSP2515-797311.20250911

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New Pillars for Pension under the "Silver Wave": The Improvement Path of China's Personal Pension System

Volume 9, Issue 11

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New Pillars for Pension under the "Silver Wave": The Improvement Path of China's Personal Pension System
New Pillars for Pension under the "Silver Wave": The Improvement Path of China's Personal Pension System
Harbin University of Commerce, Harbin, Heilongjiang, 712046, China
Vol. 9, Issue 11, Pages: 55-58(2025)
Published：30 November 2025
DOI：10.47297/wspdecWSP2515-797311.20250911
Accepted：

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Liu Xinxin,Zhou Binghui.New Pillars for Pension under the "Silver Wave": The Improvement Path of China's Personal Pension System[J].Development Economics of China,2025,09(11):55-58.
DOI：

Liu Xinxin,Zhou Binghui.New Pillars for Pension under the "Silver Wave": The Improvement Path of China's Personal Pension System[J].Development Economics of China,2025,09(11):55-58. DOI： 10.47297/wspdecWSP2515-797311.20250911.

摘要

Abstract

As China's population ages

the social security system faces immense pressure. Against this backdrop

the personal pension system has emerged as the third pillar of retirement security. This paper provides an in-depth analysis of China's personal pension system

detailing its developmental context and tracing its journey from initial exploration through pilot programs to nationwide implementation. Addressing current challenges such as limited account opening channels

insufficient policy publicity

narrow investment options with high yield volatility

and inadequate system flexibility

this paper proposes recommendations including expanding account opening channels

strengthening policy outreach

diversifying investment avenues while enhancing investor education

and improving system flexibility. These measures aim to advance the continuous refinement of China's individual pension system

providing robust support for addressing retirement challenges in an aging society.

关键词

Keywords

references

Opinions of the General Office of the State Council on Promoting the Development of Personal Pensions [EB/OL ] . ( 2022-04-21 ) [ 2025-06-01 ] . http://www.gov.cn/zhengce/content/2022-04/21/content_5681764.htm http://www.gov.cn/zhengce/content/2022-04/21/content_5681764.htm .

Tanaka Y. , & Kimura H . ( 2022 ). Aging society and personal pension reform: A case study of Japan's NISA system . Asian Economic Policy Review , 17 ( 2 ), 210 - 228 .

Notice on the Comprehensive Implementation of the Personal Pension System [EB/OL ] . ( 2024-12-12 )[ 2025-06-01 ] . http://www.mohrss.gov.cn/xxgk2020/fdzdgknr/zcfg/gfxwj/rs/202412/t20241213_503303.html http://www.mohrss.gov.cn/xxgk2020/fdzdgknr/zcfg/gfxwj/rs/202412/t20241213_503303.html .

Brown R. , & Wilson K . ( 2024 ). Diversification of personal pension investment products: Lessons from the UK market . International Review of Financial Analysis , 98 , 102456 .

Smith J. , & Johnson L . ( 2023 ). Tax incentives and participation in personal pension plans: Evidence from U.S. households . Journal of Pension Economics & Finance , 22 ( 1 ), 89 - 105 .

Wang H. , & Li N . ( 2024 ). Optimizing flexibility in personal pension systems: An analysis based on China's pilot data . Financial Research , 42 ( 3 ), 56 - 72 .

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