Article/Jia Kang of China Economic 50 People Forum
Under the pressure of "getting old before getting rich", China is approaching the arrival of a super aging society. Under this "problem orientation", the construction of the pension system is an effective supply urgently needed by social life. The endowment supply is diversified in all aspects. We should strive to form China's late mover advantage in economic and social development in our efforts to construct effective supply.
China's super aging society is coming For pension finance, I think there are at least three sentences to consider its significance and role.
First, pension finance needs to support the effective supply of multiple models and products of China's pension system under the "problem oriented". Obviously, under the pressure of "getting old before getting rich", China is approaching the arrival of a super aging society. Under this "problem orientation", the construction of the pension system is an effective supply urgently needed by social life. It can be seen clearly that all aspects of pension supply are diverse. We should strive to form China's late mover advantage in economic and social development in the efforts to construct effective supply.
The pension model is being explored all over the world. We may start late in this regard, but we should strive to do better. Now it seems that the traditional institutional pension needs to be divided into multiple levels, from low-end to middle end, middle to high-end and high-end. Our community pension, home-based pension, hospice care, pension parks, etc., all kinds of supply forms of products and services should be provided effectively, and should be supported by pension finance.
Second, pension finance needs to achieve extraordinary innovation of integrity, and combine the effective market with the promising and limited government. Innovation is the first article of the modern development concept systematically expressed at the Fifth Plenary Session of the Central Committee of the Communist Party of China. The effective supply of pension finance needs the combination and interaction of institutional innovation, management innovation and technological innovation.
In terms of the institutional arrangements and mechanism connections formed, we should "observe integrity and be extraordinary": I believe that to observe integrity is to respect and revere the laws of the market. It is under the strategic framework of Deng Xiaoping's "three-step" modernization that China recognizes this trend of human social development, so that it can liberate its productive forces and approach the Chinese Dream, and it is possible to achieve great national rejuvenation.
However, after understanding and respecting the market law, we can not simply copy the experience of other market economies and our own past experience. We must unswervingly aim at our own specific conditions, make efforts to innovate under our specific constraints, do something, and combine the effective market with the role of the government. Of course, this is full of challenges. Pension finance will also face various problems that must be solved, but we have no choice. We must do our due work in this direction.
Third, pension finance needs the joint efforts of all sectors of the society to pool their wisdom and incorporate it into the systematic project of supply side structural reform. The supply side structural reform highlighted by the central government should focus on improving the quality and efficiency of the entire supply system. Personally, I think that this requirement is really a decision of the decision-making level, not a new concept that suddenly comes to mind.
The supply side reform that we have been studying in recent years is to further consider the connection from the short term to the medium and long term on the basis of the basic understanding of carrying forward the past and opening up the future, and to grasp the reform and improvement of the quality and efficiency of the supply system emphasized by China in a systematic engineering framework. We cannot simply assume that the whole problem of China can be solved by copying the experience of foreign supply school in tax reduction.
The challenges we face are much more serious than those of other economies. The problems we have to deal with in our entire vision need to be tackled according to systematic engineering and long-term problems. In this regard, the role of pension finance must be integrated into the overall and long-term vision, must pool ideas, must mobilize the wisdom of the whole society, and in accordance with the core concept of modern national governance, grasp the mechanism of full interaction between government and non-governmental subjects, multi subjects. Folk wisdom, non-governmental wisdom and the release of potential should be particularly valued. To exert the vitality in system engineering, we must form an effective supply system that leads the new normal. Let's work together!
(This article is compiled from Jia Kang's speech at the first summit of China Pension Finance 50 Forum on February 27, 2016.)
(The author of this article introduces: Director of the Institute of Financial Science, Ministry of Finance, researcher, doctoral supervisor.)
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