China to step up financial support for pension system, silver economy

China on Friday unveiled an array of measures to enhance financial support for the country's pension system and foster the high-quality development of the silver economy.

An official document released by the People's Bank of China and eight other authorities outlines 16 key measures, including measures to provide diversified financial services, direct more resources to rural areas, and support individuals in financial planning and in preparing for retirement.

The country will expand financing channels for sectors related to the silver economy, with strengthened credit support and increased direct financing.

Efforts will also be made to enhance the design and investment management of pension products, crack down on illegal financial activities, and strengthen financial literacy education and consumer protection for the elderly.

A supportive financial system for pension services and the silver economy will be built in basic terms by 2028, according to the document.

China is taking more measures to address the challenges brought by its aging population.

The government on Thursday announced that a private pension scheme would be expanded from 36 pilot cities and regions to the entire country, complementing the current national pension system and offering another layer of support for China's aging population.