信安金融集团Daniel J. Houston：推进中国民众的长期财务保障

大家好！我是美国信安金融集团董事长、总裁兼首席执行官侯智彤。很荣幸今天有机会与大家一起探讨如何继续携手合作，推进中国民众的长期财务保障。

一年前，我提到了中国决策者为加强国家现有的社会保障制度所做的努力，以及扩大和改善多层次、多支柱养老金体系关键方面的规划和政策。这些是中国政府采取的重要行动，让信安以及我们的同行热情高涨，愿持续投资中国养老金市场，帮助更多中国民众获得长期财务保障。

2022年，中国推出了具有创新性的自愿型个人养老金制度。该制度提供了税收优惠，以鼓励个人为退休做额外储蓄，作为现有第一支柱和第二支柱的养老金计划的补充。这一举措的实施，让中国在加强层次、多支柱养老金体系之路上又迈出重要一步。

在开放的金融市场支持下，建立自愿型养老金支柱至关重要。本土和全球资产管理机构能够有机会推出更多的金融解决方案，使当地的储蓄者从中受益。今年，中国政府已批准相关交易和牌照，引进信安等几家跨国集团扩大在华资产管理业务，为市场提供产品及服务，来满足这一新的个人养老金领域需求。

中国一面推动基金业开放发展，一面缜密完善养老金政策，这两项举措在帮助更多中国民众获得退休和投资选择，从而提升财务保障，以应对老龄化社会带来的财务挑战中，发挥了不可或缺的作用。

信安同样投身于这项事业，期待着为中国客户提供可持续且稳定的财务保障。近150年来，信安的使命始终是增强我们全球范围内业务所在市场的财务保障。我们与各国政府合作，推进可持续的养老金体系，帮助更多人为未来储蓄和投资。我们在中国的发展少不了坚持不懈的努力，但更离不开与各方的合作。我们与中国建设银行建立的合作关系已近20年，这为我们向中国客户提供公募基金和资产管理服务奠定了坚实的基础。如今，我们与建行成立的合资公司为中国3300多万客户提供服务，并通过传统渠道和线上网络渠道向客户提供解决方案。

我们认为，中国养老金体系的改革，特别是关键的第二支柱和现在第三支柱的发展，对增加中国千百万劳动者的长期储蓄至关重要。我们十分赞赏中国政府有的放矢，且借鉴世界各地自愿型养老金制度优秀经验的做法。

为什么说这很重要？因为这项改革将推动设计新型且可持续的养老储蓄产品，帮助人们应对不可避免的养老问题。我们已准备好与合作伙伴一起，为解决客户的养老问题发挥切实作用。

此次改革的核心是推动普惠金融。信安秉承的信念是让每个人都享有财务保障。过去的140多年里，我们的业务从美国的保险和退休业务发展到全球资产管理和养老金业务，为80多个市场的6200多万名客户提供服务。我们将全球资产管理和养老专业知识带到世界第二大经济体来，希望能使世界相当大一部分人口长期受益。

我们认为，在推进财务保障的道路上，世界正处于一个重要转折点。根据世界银行的数据，受制于基础设施、教育、读写能力和公共政策等因素，17亿成年人被排除在正规金融系统之外。全球近三分之一的成年人正在努力摆脱贫困及改善生活水平。我们还面临着人们生活和工作方式的重大变化。

在追踪全球人口不断变化的需求时，信安注意到四个关键趋势，分别是：财富和收入差距不断扩大；全球人口老龄化；巨大的退休储蓄差距，以及全球有大量人口从事非正规劳动力市场的工作。尽管如此，我们仍保持乐观，并相信普惠金融将有助于实现财务保障。

信安致力于为更多个人和企业提供金融解决方案和支持，帮助他们实现目标。这也是为什么我们通过开展业务、投身慈善事业以及主导以普惠金融为重点的研究，来不断支持普惠金融的原因。

去年我们推出《全球普惠金融指数》，分析了42个市场在普惠金融方面所面临的挑战，这可以帮助我们更好了解当前世界与一个更具韧性、更可持续的世界所存在的差距和机遇。该指数的独特之处在于它分析了政府、雇主和金融系统在帮助人们获得财务保障方面的作用。从不同视角来看普惠金融所面临的挑战，我们才能更好地理解这三个系统间彼此的依存关系，及其协同运作的重要性，从而建设一个更具普惠性的金融市场。

借助这一指数，我们可以更深入地了解哪些市场有望更快地发展为成熟的资本和财富市场。具体方法是这样的：

我们可以看到市场支持普惠金融的三个基本发展阶段，围绕着政府、金融和雇主系统建立。在第一阶段，政府的任务是制定政策制度，以帮助满足人民最简单的基本需求。考虑的是安全与保障、食物和水、住房和教育等方面。稳定之后，金融系统就可以介入。借助金融产品，提供信贷和储蓄工具，并推动经济增长，这反过来又为政府创造更多收入。在强有力的金融框架下，企业有信心培养和投资员工，为员工提供更多资源和支持。在获得更多的支持和财政资源后，员工将更多地参与到经济中，并壮大市场。

每个阶段都会惠及三个系统，从对企业和个人再投资到增加进入金融系统的渠道，促使市场以经济的方式整体进步，提高金融普惠性。这一过程不断重复，形成一个良性循环，从而起到巩固市场的作用。普惠金融有助构建经济韧性、促进经济发展和经济增长，从而使政府、金融系统和雇主从中受益。

我们的市场分析师在回顾《全球普惠金融指数》及有关中国的研究时发现，中国市场具备独特的条件，有望在未来实现增长。从以下几个方面可见一斑：中国在促进中小型企业发展方面排名第一，在促进整体商业信心方面位居第3位；中国在雇主支持方面的得分较高，在42个市场中排名第7；中国在雇员养老金缴费方面位居第2位，金融科技的使用和质量指标紧随前10；最后，中国的人口教育水平位居榜首。

中国在几项指标上都获得了高分，这表明中国的资本和财富市场将继续加速发展，从而使经济有机会快速增长，并为中国人民创造更多的财富。我们的分析师认为，这归功于政府在过去20年所开展的大量工作，加快金融改革，与全球金融服务业建立联系，当然也包括建立多层次、多支柱的养老金体系。

易获取且可靠的长期储蓄工具可以支撑有效的养老金体系。反过来，有效的养老金体系也能够：为个人及其家庭提供终身财务保障；完善资本市场、助力公共设施投资以造福社会；并为政府提供额外财政空间来做出有关公共支出的决策。

值得赞赏的是，中国的政策制定者认识到了快速老龄化给养老金改革带来的紧迫性。未来30年，每三位中国人中就会有一位达到退休年龄。好在中国已经开始呼吁人们存储个人养老金来应对这一挑战，而中国的企业年金和职业年金退休储蓄计划也管理着5,500亿美元的资产。

新的自愿型支柱以及相关的税收激励措施，将有效补充早前的国家和企业养老金支柱改革，从而对个人退休储蓄产生重大影响。独立分析师预测，到2025年，中国的个人养老金市场将从目前的3,000亿美元增长到至少1.7万亿美元。支持实账积累的多支柱养老金体系发展的公共政策是值得投入的，因为它们会为民众的退休保障创造巨大价值。

中国的政策制定者正在鼓励共同富裕，以缩小不同社会人口结构之间的收入差距，同时创建可持续的财富，长期而言，这应会减轻用于为退休收入提供资金的公共负担。

中国正不断完善养老金政策框架，我们期待开展一些相关讨论，包括评估税收激励的适当水平，以及：为收入低于个税起征点的个人提供补贴的可能；发展基于职业的养老金支柱的优点；提供可转移、可携带的养老金，以便于劳动力流动；多元化投资的优势，特别是投资于海外市场成熟的养老金产品；以及养老金行业如何帮助千百万中国劳动者提供金融教育、指导和建议。

近一个半世纪以来，信安始终在帮助我们的客户保障其长期财务安全。我们相信，这种稳定的投资方法是我们这个行业对资金管理做出的最重要贡献，不仅对客户如此，对我们经营所在的市场也是如此。

中国养老金体系的发展将助力千百万中国人获得未来财务保障，同时也将成为资本市场经济繁荣增长的动力引擎。我们期待未来数十年能继续与中国保持合作，建立一个稳定且持久的养老金体系，有效地帮助我们的中国客户实现财务保障。

再次感谢主办方的邀请，祝愿大会继续顺利召开。

Hi. I’m Dan Houston, Chairman, President, and CEO of Principal Financial Group.

Thank you for the opportunity to join you today to discuss how we can continue to work together to advance long term financial security in China.

A year ago, I discussed the efforts of Chinese policymakers to bolster the country’s existing social security program, as well as plans and policies to expand and improve key aspects of the multi- pillar pension system.

These were important actions on behalf of the Chinese government. And it has generated a lot of enthusiasm from Principal and companies like ours, to continue to invest in the market and help more people access long-term financial security in China.

During 2022, China launched an innovative new voluntary private pension scheme. It included tax benefits to encourage individuals to save more for retirement, complementing the existing Pillar 1 and Pillar 2 schemes. In doing so, China took another important step forward in enhancing its multi-pillar pension system. 

Creating the voluntary pillar was a significant step, supported by financial market liberalizations. This allowed for the introduction of additional financial solutions from local and global asset managers to benefit savers in the region. Already this year, the government has approved deals and licenses inviting several global firms, including Principal, to expand asset management operations and bring to market products and services that meet the needs of this new private pension sector.

China’s liberalization of the funds sector – and the thoughtful development of pension policy – were both essential to helping more Chinese citizens access retirement and investment options that create greater financial security and manage the financial challenges presented by an ageing society.

Principal shares in this commitment – and we look forward to providing our Chinese customers with sustainable and stable financial security. For almost 150 years, our mission at Principal has been to further financial security in every market we have participated around the world. We’ve worked with governments to advance sustainable pension systems that help more people save and invest for their future. Our story in China is one of collaboration and persistence. We’ve partnered with China Construction Bank for almost 20 years, building a solid foundation in mutual funds and asset management for domestic Chinese customers. Today, our joint ventures with CCB service over 33 million customers in China, and our solutions reach them via both traditional brick and mortar as well as digital channels.

We view the reforms to China’s pension system, especially the development of the critical second and now third pillars, as vital to improving the long-term savings capabilities of millions of Chinese workers. We commend the Chinese government for acting with purpose and adopting the best aspects of voluntary pension schemes from around the world.

Why is this important? It will help create access to new and sustainable retirement savings products that help people tackle the inevitable – ageing. And we’re ready to play a meaningful role with our partner in delivering that to our customers.

This movement is, at its core, an exercise in financial inclusion. At Principal, we’ve been grounded in the belief of making financial security accessible to all. Over the last 140 years, we’ve grown our business from insurance and retirement in the United States, to global asset management and pensions — serving more than 62 million customers in more than 80 markets. Bringing our global asset management and retirement expertise to the world’s second largest economy, we hope we can provide long- term benefits to a very large portion of the global population.

It is our opinion that the world is at an important inflection point on the path to greater financial security. According to the World Bank, 1.7 billion adults are excluded from the formal financial system due to factors such as infrastructure, education, literacy, and public policy, just to name a few. And almost ONE-THIRD of the world’s adults are struggling to escape poverty -- and improve their lives.We also face significant changes in the way people are living and working. 

There are 4 key trends we watch at Principal as we track the changing needs of a global population. They include:

• A growing wealth and income gap

• Aging populations

 • Substantial retirement savings gaps

• And a large segment of the world’s population working outside of the formal labor market.

That said, we are optimistic, and we believe financial inclusion can enable financial security.

Principal is committed to helping more people and businesses access the financial solutions and support they need to meet their goals. It’s why we continue to champion financial inclusion – through our businesses, through our philanthropic efforts, and more recently, through Principal-led research focusing on financial inclusion.

The Global Financial Inclusion Index, which we launched last year, looks at the challenge of financial inclusivity across 42 markets to help us better understand the gaps and opportunities that exist to achieving a more resilient and sustainable world. The Index is special because it analyzes the role of the government, employers, and the financial system in helping people access financial security. By looking at the challenge through multiple lenses, we’re able to better understand the dependencies between these systems and the importance of all three working in tandem, creating a more financially inclusive market. Through the Index, we can gain a deeper understanding of which markets might be set to experience more rapid development into mature capital and wealth markets.

Here’s how:

We see three basic development phases that support financial inclusion within a market, built around the government, financial, and employer systems. In phase one, governments are tasked with developing the programs and policy to help meet the fulfillment of the basic, fundamental needs of a population. Think safety and security, food and water, housing, and education. Once that stability is established, the financial system can step in. Confidently engaging with financial products, providing credit and savings vehicles, and a fueling a stronger economy. This in turn generates greater revenues for governments. With this strong financial framework, businesses gain confidence to grow and invest in their employees, providing greater resources and support to their workers. With more support and financial resources, employees participate more in the economy and grow the market.

Each phase of the cycle benefits all three systems and enables the market as a whole to progress economically – reinvesting in its businesses and individuals – and expanding access to the financial system. And this process repeats, continuing in a virtuous cycle that serves to strengthen the market. Financial inclusion builds economic resilience, development, and growth – benefiting governments, the financial system, and employers alike.

When our market analysts reviewed the Global Financial Inclusion Index and research around China, they recognized the market is well positioned for future growth.

• China ranks 1st for enabling small to medium-sized enterprise growth and 3rd for enabling general business confidence.

• The country has strong employer support scores ranking 7th out of 42 markets.

• China ranked 2nd in employee pension contributions, and just outside the top 10 for the presence and quality of FinTech’s.

• And finally, China ranks in the top spot for education levels achieved by its population.

China’s high scores in several indicators suggest it is poised to experience continued acceleration in its development as a capital and wealth market, resulting in rapid economic opportunity and a greater output of wealth creation for its population. Our analysts attributed this to a lot of work that has been done by the government over the last two decades to accelerate financial reforms and build connections with the global financial services industry, including the establishment of the multi-pillar pension system.

Accessible and dependable long-term savings vehicles support effective pension systems. In turn, effective pension systems:

• Provide people and their families with lifetime financial security,

• Build capital markets that invest in public goods for the benefit of society,

• And provide governments with additional fiscal space to make choices about public spending.

Chinese policymakers are to be commended for recognizing the urgency given to pension reform due to rapid aging. Within the next 30 years, one in three Chinese citizens will reach retirement age.

China, however, has already started building up per capita private pension savings to meet this challenge, with $550 billion in assets under management in the country’s Enterprise Annuity and Occupational Annuity retirement savings programs.

The new voluntary pillar, and supporting tax incentives, promises to build upon earlier reforms to China’s public and enterprise retirement pillars to make a major impact on personal retirement savings. Independent analysts estimate China's private pension market will grow to at least $1.7 trillion by 2025, from $300 billion currently. Public policies that support the development of fully funded, multi- pillar retirement systems are worth the investment and create great value for individuals’ retirement security.

China’s policymakers are encouraging broad wealth creation in a way that reduces income gaps across various social demographics, while also building sustainable wealth that should allow, over time, a reduction in the public burden dedicated to financing retirement incomes.

As China continues to develop its retirement policy framework, we look forward to discussions that include assessing the appropriate level of tax incentives including:

• Possible subsidies for those below the tax threshold,

• The merits of a much-enhanced employment-based pillar,

• The introduction of portability of employment-in support of labor mobility,

• The advantages of diversified investments especially into overseas markets with mature pension products,

• And how the pension industry can help provide financial education, guidance, and advice to millions of Chinese workers.

At Principal, we’ve spent almost a century and a half helping our customers safeguard their long-term financial security. We believe this type of stable investment approach is one of our industry’s most important contributions to capital management — not only for our customers — but also in the markets, in which we operate.

The evolution of the China’s pension system will allow millions of Chinese people to protect their financial futures, while also building a capital market that can serve as an engine of economic growth and prosperity.

We look forward to many more decades of continued collaboration with China to build a stable and durable pension system positioned to effectively help our Chinese customers be financially secure.

Thank you again for asking me to join you here today. Please enjoy the rest of the conference.