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CF40 Roundtable on Personal Pension System: Policy Design and Market Development

Upon the release of the Call for Comments on the Administrative Measures for Personal Pension Investment in Public Funds by the China Securities Regulatory Commission on June 24, CF40 invited regulators and industry insiders to the 380th biweekly roundtable on June 26 for discussions on the design and development of China's personal pension system.

The event was kicked off with two keynote speeches. In the first speech, Wu Yaodong talked about pension finance from the perspective of the wealth management industry. "Pension finance is a 'blue ocean' for the wealth management industry," said the head of wealth management at Postal Savings Bank of China. Through substantial data and examples, he showed how commercial banks have an advantaged position for the pension business with their wide customer coverage and professional expertise in investment advisory services and consumer finance.

In the second speech, Gao Yang, President of Bosera Funds shared his opinions on the unbalanced development of the three pillars of the pension system, how public funds can better serve personal pension businesses, and how the drafted “Measures” can be accordingly revised.

The thematic discussion that followed featured Chen Wenhui (CF40 advisor and vice chairman of the National Council for Social Security Fund), Chen Yingdong (director of Life Insurance Supervision Department of CBIRC), and Zheng Bingwen (director of the Centre for International Social Security Studies at CASS). Chen Wenhui talked about the formation of China’s personal pension market and echoed Gao in his policy suggestions. Chen Yingdong introduced the context and considerations of the drafted “Measures” as well as expectations on innovative pension products. And Zheng Bingwen expounded his perspectives by responding to each of the previous speakers. “The right policy should mobilize all available resources for a stronger third pillar pension,” said Professor Zheng.

Concluding the event was a roundtable discussion on the drafted “Measures” joined by senior executives from leading financial institutions, who shared their views on what supporting policies should be introduced, how to make pension finance more inclusive, how to better connect the second and third pillar pension, and how to motivate pension product innovation.