Enhancing old-age finance prioritized

China is accelerating efforts to expand old-age finance, as regions across the country unveil new policies setting key tasks for the 15th Five-Year Plan period (2026-30), while banks step up strategic planning, product innovation and business development to support the sector.

Earlier this month, the National Financial Regulatory Administration Guangdong Office issued its implementation plan for promoting high-quality development of old-age finance in Guangdong province, introducing 15 specific measures and setting clear development goals.

Guangdong aims to establish a province-specific old-age finance system by 2028, featuring a broader array of products and business models. By the end of the 15th Five-Year Plan period, the province expects eldercare financial services to become more targeted and efficient, pension fund investments to be more mature and stable, and a virtuous cycle to take shape linking old-age finance, senior services and the broader silver economy.

Guangdong's approach is not unique. This year, several provinces and cities, including Jilin province; Chongqing; and Qingdao, Shandong province, also deployed initiatives to advance old-age finance.

The NFRA Qingdao Office, together with 13 municipal government departments, unveiled a three-year action plan (2025-27) for the high-quality development of old-age finance in the coastal port city. The plan sets out 12 key tasks, integrating financial services with medical insurance, civil affairs and eldercare services. It also guides the development of diversified product matrices, encourages exploration of cross-border old-age finance pilot programs and enhances senior-friendly financial services.

The NFRA Jilin Office said it is actively advancing old-age finance initiatives to build a multitiered and sustainable eldercare financial system. It encourages insurers to expand commercial annuity products and strengthen financing support and risk protection for the eldercare sector, and it urges financial institutions to optimize financial services for seniors.

Official statistics show that by the end of 2024, China's population aged 60 and above reached 310 million. Currently, the number of seniors with disabilities or dementia has exceeded 45 million.

The development of the eldercare sector requires close cooperation between financial institutions and eldercare enterprises, and must proceed in a sustainable, replicable and affordable direction, said Niu Laibao, chief accountant of Genertec Health & Senior Care.

Gao Chengyun, director of the China Research Center on Aging, said that China now has 170 million people aged between 60 and 69 — a demographic that is displaying new consumption patterns. Gao said another 280 million people born between 1962 and 1972 are steadily approaching old age — a generation that benefited from the reform and opening-up period and has strong wealth-building capacity.

Gao said that China's elderly population is undergoing a structural upgrade, with growing demand for senior-friendly, smart, health-focused and financial products, adding that the need for care and rehabilitation services will only become more pressing.

A survey report released by China CITIC Bank on Nov 21 showed that respondents' core demands regarding old-age finance have shifted from mere capital preservation and appreciation to integrated services combining finance with health, care and leisure.

The joint study, conducted by China CITIC Bank and CITIC Group subsidiaries via both online platforms and offline interviews, collected 10,137 valid samples from those aged 18 and above across 31 provinces, autonomous regions and municipalities.

The survey shows that 70 percent of respondents want financial institutions to not only manage their money well, but also to connect them with high-quality health management and medical services. Nearly 60 percent expressed interest in financial products bundled with senior care facility services. Nearly 50 percent said they hope to access travel-based retirement services.

China's banking sector has placed great importance on old-age finance. China Construction Bank is advancing its old-age financial services system, prioritizing the eldercare sector in credit allocation and offering differentiated support policies. The bank is expanding diversified financing channels and continuously enriching its product offerings to provide multi-scenario, comprehensive and multilevel health and eldercare services.

On Nov 11, Industrial Bank released a white paper on the development of old-age finance. The document said that China's old-age finance sector is likely to trend toward more systematic management of eldercare funds, diversified wealth accumulation products, more personalized financial services supply, more senior-friendly online and offline services, diversified financing methods for the eldercare sector and greater intelligence in the silver economy.

jiangxueqing@chinadaily.com.cn