Dai Xianglong: China's pension fund investment returns higher than developed countries, with 60% of social security fund income coming from stocks.

At the China Elderly Care Industry Forum on April 24, 2025, Dai Xianglong, former Governor of the People's Bank of China and former Chairman of the National Social Security Fund Council, shared his thoughts on pension issues accumulated over the years. He believes that the current development of enterprise annuities and individual pensions falls short of expectations in terms of scale expansion. It is necessary to timely improve the institutional design, for example, significant tax exemptions for individual pensions and allowing companies that do not participate in basic pensions to establish enterprise annuity systems. Regarding investment returns, the current return rate of China's pension investments can reach 3% to 4%, which is at a relatively high level globally. 60% of the investment returns of the social security fund come from stocks. It is necessary to continue to adhere to long-term investment, value investment, and responsible investment in order to achieve higher and more stable returns.