Special Topic: 2025 Bund Annual Conference - Embracing Change: New Order · New Technology On October 24, financial frontline news reported that the 2025 Bund Annual Conference was held from October 23-25 in Huangpu District, Shanghai, with the theme "Embracing Change: New Order · New Technology." Ma Xin, Vice President of China Pacific Insurance (CPIC), attended and participated in the Bund Roundtable on “Government, Market, and Social Collaboration in Multi-Level Pension Security.”

Regarding the collaborative relationship among government, market, and society in the development of pension insurance, Ma Xin emphasized that within a multi-level pension security system, the roles of government, market, and society are clear and complementary. The government aims for equity and inclusiveness, serving as the safety net for basic protections. It is responsible for establishing a mandatory, inclusive basic pension system while also shouldering financial subsidies, and most importantly, overall responsibility for system design, regulation, and the maintenance of fairness.

He stated that the market, including CPIC, considers demand adaptation as a goal, acting as a provider of diverse needs and leveraging market efficiency advantages. Financial institutions can support the government in meeting basic needs through the provision of diversified, innovative pension financial service products, including the second and third pillars, allowing different groups to have options. The social aspect, focusing on mutual assistance, participates in supplementary services. Broader societal forces, which are primarily non-profit oriented, fill gaps not covered by the government and market. Key forms include charitable pension donations and volunteer services, emphasizing service-oriented supplements. In summary, the government's fairness and safety net serve as a premise, not deviating from the essence of livelihood. Market diversification is the support that meets differentiated demands, while social mutual assistance extends to address subtle pain points.

In light of the current market situation, Ma Xin made the following suggestions regarding the second and third pillars: 1. For the development of the second pillar, he believes the main task is to broaden coverage and hopes that policies can be further relaxed. As Professor Zheng mentioned earlier, the coverage of the second pillar in China is only about 70 million people, less than 1/10 of the employment population in the country. Historically, the system has required companies to establish annuities that must be approved by all employees and mandated participation. There is a strict high-frequency limitation in contributions. These policies have not favored small and medium-sized enterprises and innovative companies in establishing their second pillars. In recent years, guided by the Ministry of Human Resources and Social Security, regions have actively adopted new methods such as developing talent annuities and industrial park annuities to promote the expansion of annuities. For instance, the talent annuity in the Shanghai Lingang New Area and the automatic enrollment mechanism for corporate annuities in Xiong'an New Area have seen positive results. It is recommended to promote the Xiong'an experience by starting the establishment of the second pillar from part of the workforce, implementing automatic enrollment mechanisms, flexibly determining contribution ratios and methods, while simplifying decision-making processes.

2. In terms of developing the third pillar, it is suggested that the main task is to focus on professional development. More pension professional entities need to be established to gradually enrich the product supply. Chinese citizens have strong savings in the third pillar, with a relatively high savings rate; however, specialized tasks should be handled by professional institutions. Compared to individual savings approaches, professional institutions have advantages in asset allocation, risk control, and long-term returns. It is recommended that policies further support financial institutions in establishing dedicated departments or subsidiaries for pension finance, facilitating the specialized operation of pension financial products, and reducing the tendency to label them simply as pension insurance.