Traditional structure

Insufficient pension structure will inevitably plague the post-70s, post-80s, post-90s and post-00s.

Pension is the material basis and strategic reserve of national old-age security. If a country has sufficient pension reserves, its citizens will feel more secure, and they will form confidence in consumption, entrepreneurship and investment. On the contrary, if a country's pension reserve is insufficient, it may bring more negative effects on national consumption, entrepreneurship and investment behavior. At the same time, a complete pension ecological chain is also an important guarantee and institutional basis for pension reserve investment, value preservation and appreciation and sustainable development.

At present, China's pension system faces two major difficulties and problems: first, the pension reserve is relatively weak; Second, the pension ecology is relatively fragile. We must find the right reasons, prescribe the right medicine, and help supply-side structural reform.

At present, the development of the three "pillars" of China's pension is unbalanced: the assets of basic pension insurance account for 85.7%) and the replacement rate is not high (about 45%), the development of enterprise annuity and occupational annuity is slow, and the personal pension account system has not yet formed. The pay-as-you-go mode adopted by the "first pillar" is easily affected by the aging population; The "second pillar" is dominated by enterprises, facing operational risks, financial market fluctuations and transaction credit risks. In contrast, the "third pillar" can be insured voluntarily, operated by market players, and the account funds are owned by individuals, which has the advantages of strong incentive, high transparency and good flexibility.