人口老龄化背景下养老金金融的现状、国际经验与发展进路

Current Situation, International Experience, and Development Path of Pension Finance under the Background of Population Aging

摘要: 近年来，中国已进入深度老龄化社会，传统养老模式难以满足需求，亟需发展养老金金融。本文通过分析在人口老龄化大背景下的国内外养老金金融发展现状，指出我国存在三支柱失衡、市场化不足等问题，而美国(401(k)、个人退休账户，IRA)和日本(政府养老金投资基金，GPIF)的经验为我国提供了重要启示。此外还从养老金保障体系与养老资产资本化运作两方面入手，探讨养老金金融的发展路径，以期推动养老金金融高质量发展，从而推动金融市场稳定发展。

Abstract: In recent years, China has entered a deeply aging society, where traditional pension models are no longer sufficient to meet the needs, necessitating the development of pension finance. This paper analyzes the current development status of pension finance both domestically and internationally against the backdrop of population aging. It points out issues such as the imbalance of the three-pillar system and insufficient marketization in China. The experiences of the United States (401(k) plan, Individual Retirement Account, IRA) and Japan (Government Pension Investment Fund, GPIF) offer important insights. Furthermore, this paper explores the development paths of pension finance from two perspectives: improving the pension security system and optimizing the capitalization of pension assets, aiming to promote the high-quality development of pension finance and thereby foster the stable growth of financial markets.