Two important documents－this year’s Government Work Report and the 14th Five-Year Plan (2021-25) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035－put forward that the so-called third pillar of endowment insurance will develop in a well-regulated way.

China entered the club of aging societies in 2000. While the total population is growing at a low speed, the elderly group has been growing at a high speed in recent years.

According to the seventh national population census, which has been disclosed in early May, China’s total population increased by 72.06 million, or 5.38 percent, over the past 10 years. And the number of the elderly aged 65 or above increased by 71.71 million, or 60.3 percent, from 2010 to 2020.

In 2020, the number of the elderly aged 65 or above was 190.64 million, accounting for 13.5 percent of the total population.

It can be seen that China has not only a large scale of elderly population, but also a rapid rate of increase in the aging group. In the future, the aging population in China will reach a plateau and stay there for a long time after hitting a peak. This means, there is an urgent need to implement the national strategy to actively deal with the aging society.

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