中国养老金融发展报告(2025)
中文摘要
2023年10月召开的中央金融工作会议首次将养老金融列入金融“五篇大文章”之一,标志着养老金融上升为国家重点金融战略。2024年以来,在政策持续发力与市场机制完善的双重作用下,我国养老金融进入加速发展期,呈现制度建设全面推进、产品体系不断创新、资本积极布局的新特征。面对人口老龄化加深、传统家庭养老功能弱化的现实,养老金融不仅是保障和改善民生的重要举措,也是推动银发经济与宏观经济协同发展的战略任务。本报告全面回顾了2024~2025年我国养老金融的发展现状,总结阶段性成果,深入分析存在的突出问题与挑战,并在对比国际经验的基础上,研判未来发展趋势,提出政策与实践建议。
2024~2025年,我国养老金融进入制度深化与市场扩容的加速发展阶段。养老金金融方面,基金规模稳步扩大,投资收益总体回升。养老服务金融方面,产品体系分层优化,与生命周期风险特征的绑定更趋紧密。养老产业金融方面,政策支持力度加大,资本市场渠道逐步拓宽,金融机构战略性深度布局,推动“金融+服务”深度融合。与此同时,我国养老金融发展仍存在养老金制度财务可持续性不足、养老服务金融供需匹配度偏低、养老产业融资存在结构性矛盾等诸多问题。未来应进一步优化政策设计,提升养老服务金融的供给能力,持续拓宽养老产业资本化渠道。
本报告着眼于2024~2025年国内外养老金融的新动向,一是围绕养老金三支柱的制度完善与运行机制优化,评估简易企业年金计划等关键抓手,并刻画金融机构与企业主体推进养老金融发展的路径。二是立足低利率与高不确定性市场环境,分析养老金资产管理的策略和国际经验。三是对日本养老金制度的历史演进及最新改革动向进行体系化梳理,以期为我国养老金制度的设计提供有益借鉴。
现阶段,我国处于全面深化改革、推进中国式现代化的关键期,人口老龄化在进一步加深的同时养老需求加速分层,对养老金融在制度供给、产品供给与产业要素配置上提出了更高要求。展望未来,必须进一步明晰政府、市场和个人在养老储备中的责任边界,推动养老金三支柱制度更加成熟,提升养老服务金融供需两端能力,打通养老产业资本化路径,推动跨行业协同与生态构建,合力推动我国养老金融事业进入高质量发展新阶段。
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