1、Winning strategies for global asset managers amid evolution in retirement marketChina Pensions R of Contents 2023 KPMG Advisory(Hong Kong)Limited,a Hong Kong(SAR)limited liability company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International

2、 Limited,a private English company limited by guarantee.All rights reserved.2023 Asia Securities Industry&Financial Markets Association Limited.All rights reserved.China Pensions Reform2Foreword03Executive summary0401 Chinas pensions market 0502 The case for change1003 Potential reform and implicati

3、ons1305 Where to play and how to win21References29About KPMG China 30Meet the authors3304 Future prospects17Final remarks28About ASIFMA32Chee Hoong TongPartner,Asset ManagementHong Kong SARKPMG China Abby WangPartner,Head of China Asset ManagementKPMG ChinaVivian ChuiHead of Securities&Asset Managem

4、ent Hong Kong SARKPMG China Eugenie ShenManaging Director,Head of Asset Management GroupASIFMAForewordThe profound shift in demographics in the Chinese Mainland is not new,but the ageing population could deliver an acute challenge to the nations economic growth prospects in the near future if the po

5、tential pensions shortfall is not dealt with properly.The Central Government is fully aware of the challenges,and has been carrying out reforms of its pensions framework over the last three decades,with a noticeable uptick in pace since the end of 2022 as the new individual private pension system ge

6、ts off the ground.China understands it needs to transform its pension system,to provide a better retirement for its large population of older people and to help ensure the long-term social stability of the country.This journey will not be simple,however.Creating a sustainable pensions framework is a