China. Aging population to boost individual pension market
The individual pension market in China will see great development potential in the future due to increasing pressure from an aging population and growing market demand, according to industrial experts.
“With the increase in national income and people’s growing awareness to save the pension reserve, China’s personal pension market, which is the third pillar of the country’s pension system, will see tremendous opportunities,” according to Dong Keyong, secretary-general of the China Ageing Finance Forum, or CAFF50.
The volume of the individual pension market will see an annual growth of 200 billion yuan ($28.8 billion) after related policies are fully implemented in the country, which are expected to reshape people’s asset management behavior and expand insurance selling channels for enterprises, according to an industrial report from CAFF50.
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