麦肯锡（McKinsey）：中国养老金市场的制胜战略（英文版）(42页).pdf

1、June 2019 The winning strategy for the pension market in China Table of contents I. An overview of the global pension system Introduction II. An outlook of Chinas commercial pension market III. Financial institutions winning strategy in the commercial pension market 65 2 5 14 21 Introduction 2The wi

2、nning strategy for the pension market in China The winning strategy for the pension market in China3 On March 6, 2019, in the Work Report at the Two Sessions, Premier Li Keqiang said: “The social security system and policy need to be further perfected, and a multilevel pension security system needs

3、to be developed.” This remark has once again prompted Chinese society to reflect on elderly care and how Chinaa fast devel- oping countrycan address this issue. Which retirement types are most suitable for Chinese pensioners? Traditional retirement models are being challenged as China acceler- ates

4、towards an aging population with a low birthrate Nations usually change into an aging society over a gradual and slow process. For example, it took France and Sweden 115 years and 85 years, respectively, to reach that stage. However, it has taken China only 25 years. In stark contrast, the decreasin

5、g birthrate in China hovered around 1.6 in 2018, much lower than the replacement ratio of 2.1. Due to the double trends of aging and low birthrate, it is expected that the elderly depen- dency ratio will fall from 9.9 (an average of 9.9 working people support 1.0 pensioner) in 2000 to 5.8 in 2020 an

6、d then to 2.3 in 2050. There- fore, the traditional family elderly-care models will not be sustainable. China is developing a three-pillar pension system, but it is a long and problematic route Chinas three-pillar pension system started in 1991 and mainly relied on the first pillar of public pension