Annual Report on Financing Old Age Care in China (2017)

333 Pages·2018·8.706 MB·English

by  Keyong Dong, Yudong Yao

Keyong Dong · Yudong Yao Editors
Annual Report
on Financing
Old Age Care in
China (2017)
Annual Report on Financing Old Age Care
in China (2017)
Keyong Dong Yudong Yao
(cid:129)
Editors
Bo Sun
Executive Editor
Annual Report on Financing
Old Age Care in China
(2017)
123
Editors
Keyong Dong Yudong Yao
Schoolof Public Administration DachengFund
Renmin University of China Shenzhen,Guangdong, China
Beijing,China
Translated bySimin Tan andJadeHung
ISBN978-981-13-0967-0 ISBN978-981-13-0968-7 (eBook)
https://doi.org/10.1007/978-981-13-0968-7
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Members of Editorial Board and Research
Group
Academic Advisors
Pan Gongsheng
Yang Ziqiang
Wang Zhongmin
Compiled by
China’s Old Age Care Finance Forum (CAFF50)
Editors
Keyong Dong
Yudong Yao
Executive Editor
Bo Sun
Editorial Board (in alphabetical order)
Cao Deyun
Chen Dongsheng
Chen Jinguang
Dang Junwu
Dong Dengxin
Du Yongmao
Liying Feng
Li Gan
Ge Yanfeng
v
vi MembersofEditorialBoardandResearchGroup
Guo Shuqiang
Hong Qi
Hu Jiye
Hu Xiaoyi
Huangwang Ciming
Ji Zhihong
Jia Kang
Jin Weigang
Jing Xiandong
Keyong Dong
Li Wen
Li Zhen
Lin Yi
Mi Hong
Ning Chen
Pu Yufei
Su Gang
Sun Xiaoxia
Wang Hong
Wang Jinhui
Wang Xiaojun
Wang Yanjie
Wang Yongli
Wu Yushao
Xiong Jun
Yang Yansui
Yudong Yao
Zheng Bingwen
Zheng Yang
Zhou Jiannan
Research Group
Keyong Dong
Yudong Yao
Li Gan
Jianyu Liu
Liying Feng
Tan Haiming
Cao Zhuojun
Bo Sun
Lei Yue
Xuecheng Zhang
Lan Zhang
Qin Jing
Dong Zhang
MembersofEditorialBoardandResearchGroup vii
Editorial Team
Dong Zhang
Wang Zhenzhen
Ma Yuanyuan
Ling Yan
Gong Yuanyuan
Li Jianing
The Research is Generously Supported by
China Banking Association
Asset Management Association of China
Insurance Asset Management Association of China
China Social Insurance Association
Organizations Contributing to the Research (in alphabetical order)
Changjiang Pension Insurance Co., Ltd.
Dacheng Fund Management Co., Ltd.
China Universal Asset Management Company Limited
China Asset Management Co., Ltd.
CCB Pension Management Co., Ltd.
Ping An Endowment Insurance Co., Ltd.
Ruihui-Lize Capital Management Co., Ltd.
MANULIFE TEDA Fund Management Co., Ltd.
Tianhong Asset Management Co., Ltd.
Industrial Bank Co., Ltd.
China Merchants Fund Management Co., Ltd.
Principal Financial Group, Inc.
viii MembersofEditorialBoardandResearchGroup
About COACFF50
Established on December 9, 2015, China Old Age Care Finance Forum CAFF is
launched by Prof. Keyong Dong from the Renmin University of China, China
Academy of New Supply-side Economics, and several other organizations. It
invitedprominentscholarsonboardtheadvisorycommitteetoprovideguidancefor
the scholarly activities and research of the forum, including Pan Gongsheng,
Deputy Governor of the People’s Bank of China and Administrator of the State
Administration of Foreign Exchange; Yang Ziqiang, former executive assistant
oftheformerGovernoratthePeople’sBankofChina;andWangZhongmin,Vice
Chairman of the National Council for Social Security Fund. Members of the
CAFF50 are top decision-makers and experts on financing old age care from
political, academic, and industry domains, with great reputation and social influ-
ence. Committed to becoming a high-quality and professional think tank,
COACFF50 acts to provide research support for policymakers, to build a com-
municationplatformforindustryprofessionals,andtobeafinancialliteracycenter
forthepublic.ThemissionofCAFF50istopromotethedevelopmentoffinancing
oldagecare,improvethelong-termcapitalmarket,impelthebuilding ofinclusive
financing senior care, and deliver the social responsibility of advancing people’s
livelihood and well-being in China.
Official website: www.caff50.net
Contact: [email protected]
WeChat public account: CAFF50
Contents
1 Financing Old Age Care: Definition, Theoretical Framework
and Trend. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Keyong Dong and Bo Sun
2 Survey Report on the Financing of Old Age Care in China . . . . . . 11
Keyong Dong and Li Gan
3 Macroeconomic Effects and Policy Challenges of Population
Ageing in China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Yudong Yao and Haiming Tan
4 A Strategic Rethink on Pension Reforms in China . . . . . . . . . . . . . 63
Keyong Dong
5 Development Path of Pillar 3 Personal Pensions in China . . . . . . . 93
Keyong Dong and Bo Sun
6 Pension Finance: Growing Total Pension Assets and Low Rates
of Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
Bo Sun
7 The Financing of Elderly Care: Cross-Industry
Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
Lei Yue
8 Finance for the Elderly Care Industry: Business Mergers
and Development Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187
Zhuojun Cao and Qin Jing
9 Bank Offerings of Wealth Management Products: Market
Innovations and Policy Guidance . . . . . . . . . . . . . . . . . . . . . . . . . . 217
Jianyu Liu and Xuecheng Zhang
ix
x Contents
10 The Current State of, Opportunities for, and Trends
with Retirement Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
Bo Sun
11 Retirement Communities: Continuing Exploration to Meet
Growing Social Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271
Liying Feng
12 PPP: New Ways of Financing for Elderly Care Industry
Amid Supply-Side Reform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289
Lan Zhang
13 “Home for Care”: Localized Exploration for Niche Pension
Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311
Dong Zhang and Bo Sun