2023年第6期《養(yǎng)老金融評論》內(nèi)容概要

養(yǎng)老金融評論董克用：個人養(yǎng)老金制度建設(shè)久久為功鄭秉文：第三支柱養(yǎng)老保險：產(chǎn)品設(shè)計(jì)、稅收模式與功能定位雷曉康：數(shù)字賦能第三支柱養(yǎng)老保險發(fā)展探析孫 博等：關(guān)于個人養(yǎng)老金發(fā)展的若干思考——基于個人養(yǎng)老金融認(rèn)知的調(diào)研分析施文凱：個人養(yǎng)老金與養(yǎng)老金融創(chuàng)新養(yǎng)老金融50人論壇簡介50(CAFF50)經(jīng)濟(jì)學(xué)研究院等多家機(jī)構(gòu)共同發(fā)起，于2015年12月9日正為了促進(jìn)產(chǎn)業(yè)落地，貴州國康養(yǎng)老金融研究院于2021年1月29日在北京宣布成立，致力于將自身建設(shè)成為一流、綜合、專業(yè)的養(yǎng)老金融智庫。論壇學(xué)術(shù)顧問：勝 民 義 論壇秘書長：董克用張 棟 副秘書長：孫 博 《養(yǎng)老金融評論》簡介50承“專業(yè)性、前瞻性、國際性”的學(xué)術(shù)理念，以“為政策制定提供”《養(yǎng)老金融評論》編委會主編：用 執(zhí)行主編：張 棟 孫 博編輯組成員：凱 浩 陳 瑤 來稿、訂閱及索要過刊等事宜，請發(fā)郵件至編輯部工作郵箱caff50review@進(jìn)行聯(lián)系。目 錄【本期重點(diǎn)關(guān)注】董克用：個人養(yǎng)老金制度建設(shè)久久為功 4鄭秉文：第三支柱養(yǎng)老保險：產(chǎn)品設(shè)計(jì)、稅收模式與功能定位 7雷曉康：數(shù)字賦能第三支柱養(yǎng)老保險發(fā)展探析 18孫 博等：關(guān)于個人養(yǎng)老金發(fā)展的若干思考——基于個人養(yǎng)老金融認(rèn)知的調(diào)研分析 施文凱：個人養(yǎng)老金與養(yǎng)老金融創(chuàng)新 47【養(yǎng)老金融觀點(diǎn)集萃】胡宏偉：以黨的二十大精神為指引推動中國養(yǎng)老服務(wù)高質(zhì)量發(fā)展54劉德浩：養(yǎng)老服務(wù)體系高質(zhì)量發(fā)展的思考 59【CAFF50大事記】2023年5月CAFF50動態(tài) 67導(dǎo)讀!"#$%&()*+,*./#$0123456789:;<=>"?$@A-BC$DEFGH456&IJK2022DL25M;!"#$%&NOP-QR-STU36!VWXYZ[\2023D5L25M;!"#$%&kvw3743.51x";!"#$%&yz{|}WK~??#$%??é?5?üáàa???#$%?50"é?ü?#$%?50"é?°￠8￡-?íf§?üE??????:?50"é?∏ ??:?k??μ?′./#$01iù4?2èa?#$%?50"é??éèê-?…

%??{àa?#$%??9???–

—!"#$%?“”4‘;:’ü—!"#$%iù4÷}???#$%?50ü?fi?ü￡`?fl>!"#$ü;r??‰K!"#$%&'()*,-../0?óò?#$%?50"é?éèê-?í"ì????!"#$%?¤ê56?;?ìˇúC5!K?4s";!"#$%?¤ê?è;4&?'(K3<6"-./01";!"#$%?ú|)<&c*+,Kí#$%&?yK>—????ìs?i}?ò&4??bh>ù°;￠N??e??$?Lg%￡3D§&?????&?W&D?>kl§W:??Lú???*?ìt)§sù>—?s=>"?$@A:,ú.?{¨K=>"?$@A:,<iù!"#$%&?à4J*≈Jr?–?F-?′./;?s?C?fifl+c7D?*[m¤—???fi?2;z-??_b#$%′./4y‰iùK56è!·4˙?eL?;úYc?^á?ùí??"?a?0K1234567'(89:;-<>?AB0CDE????#$%?50"é?°￠8￡-?íf§?üE???"?$@Afg?%456˙?<%í#$0h234_6&G

')°￠c¨)=>"?$@A?s%í#$0123)z

~#$0(&/?+,(′././4*+,#$0123"-89::?[Kià?ù)?5x?′./!"#$%4J*≈?iùN?}4?íBpa#$%¨__6:)#$01¨_CW??¨_CWD¨_eaF

%¨_ùG_6HH}Iv=e?8~4á?K?&`c¨_t)!"#$%Yc`c??4á?01¨_-￠;HIgúù?;>?4??Làx??K'???¨_N?í?′./#$014iù?ú?<{&p4iù?Gi4YcK?CWNò?rz#$¨_KD5L1?-?~fg*?AD??{56??K?#$01iù??WQc?#??

-?í;#$01a?út)§sK*4#$%&4HI=e0C?fiK?#$01N?′./#$?#$01e?#$014R(ü?4??b;§&?#?YcK~úh>?&UK4￥s";(0?+?^4￥?¨=?—4%?YcQ4?01¨_§Wúù;01a?Z[??sBC￥%Vx;z"￡?àμ?0¨_??O?v=)01a?ê’?9?4?…2018á?K6—2BC?′./#$01¨_4“”U6úYcQ4?¨_014?

?°?[8—<c{(‰?"?%&{SSx"4?êìˇez"￡2#$01¨_4áCò??7?)“°01hú“°4zLà|}??ó?Qfi=CW01|}úQfiò;￠Qk01?g￥è?í?′./#$%&eD64#$01¨_úg￥è&!ù?4?·KF-?′./#$01iùx?N—??±à4??)7L&e??±à)#$%&4∏ü?;?ò??’1á?K?&;ü—!"#$%??ò?±à4??K?<?′./#$01iùùè4íè;±àú?&p!??ísópg"?á?KeTEEI%?<67%;·?)<98%K‰??)??4Làùc?iù?′./4?é?V?x?2?EET±àt)?′./#$014?2?O?D%eHI4Q¨—fgayhú9aTEE±àPNBC23ˉ?!"eu?;"s;TEE±àú{4ò…;EETeTEEI?fiQü4?2K{"B±à4á9<è4;:;Z[_`?2hü;;)NEETeTEEI?ò±àP{??4S!íè???;Q~r()?(K?ò±à;oST??eDKZQ9)(EEpT*±à;ùG4(p*<&(partial*O9:4P;??fl?$B!?=????`c?v;N?′./êw30D4ê?`c?v?>?c¨ú54?Hh>—&h4?-`cs?(??4EET>§fi?′./&?4"s?(G??;ù)Q¨—?′./4?é?eHIg#?K′-?′./4EMbN—4￥μp8e?ícd4^￡bù′!á?Kè[PQ?_2022D4L"Wi}ú)&+B_4R(K?01:hX?fiùC4"?’V*4?ò?íàB?Qà7≈BCTù&4jW?g"òA!"#$%&|?u–K+ú?NK+ú???0á?N&ú?Q>t)"k)?òúk§W???8&!±l7LWlJr??NQü4?ífl?ah=4t0"kμw?*?K%&{Ir?°;??+<?F./O?D%eG?D%;HIgù°K?Jm‰±àK￡e{?ícd;z￠Lba

^nK_yQ;2018Dêù4!"?#$01??=<?′./!"#$%41.0{~;??′./#$0142.0{~;n)1.0{~4!?DeaF

%U%??|KN1.0{~fl?;t0"P{5Q<=!1.0{~?\í?~K$01&G!?0?#$%4á?7ü??0?%íê?c%4sdá?z%?4{"?′./!"#$%?ˇú<%?èí?￥ˇ??ˇ4&9:6o*4*4D?vˉ!?4fl?aZ[??ò????\s??`c‰fic;í2áKF $IJKC4567'(89LMNO? ?#$%?50"é?∏ ü￡;?O??ao?????ê-??-–?Eüà?(′./#$01234??&./

~#$01rb?b?&)_Z[J:h4Là_b#$%4De01￥μ2021Do;

~#$01HI"k10.3q";JS?}%í?&./B"-8/2?_b?/fê#$%<?fu%í#$c%Q~m¤cd'<-≈iù?&??–‘?(6u?iù*+,-*./#$0123;’?

~#$

~óò01?ceW"‘—ì&#?D%&HI?B?iù?′./#$01i}?8_üW1???4K&-?í?·?%í?′./#$014&ú?*+,#$01&!"#$%0h23Bè?í.*K??_

‘)?úr>?&)

'!"Mètu’V??ò?-c%YcA`c}n4!"#$%&?01t)#$23?+ú?eèaB?K2017D;í¤?–aRij?ü—u?iùK"{è?′./!"#$%?íê?[;op2020D?;C0?go:6q,q5?23è01a??n?\#$01K?;??JüK5!W9_$@A???fi??fgiù(23–A

+bHh6u?’?fg0h23#$m¤23-’?à?/;%?ìˇt)#$%?§fi·iùfl?K*+,-*./#$0123K*2022DL4M;"f9-??G}nfl?KF-iùbá?%í?′./#$01iùg￥4à?1?QZ=êhü?í;2iùp7;%í?′./#$%4B2018D;!"???\í?01???í=ê?;á?t0"kú′fê2??

~?￠?)_6d;?￥àa&<?òbh>{àh[`ú°{h=?QF<?′./N???)K8C?p;t0"?P???Bc??2;?í4Jˇ?X;234o?báü?ó?xè?′./4iùKO&P#$`cD6c%Q~?′./!"#$01iùg￥4Y6à?c({°{–`;D??6.2!S:?;Jò—!"#$%4`c…úgh=fl?KOFP#$`c”˙ˇ?˙<??′./!"#$01iùg￥4?F!à?(?Q??`;?5!|6B?KO′P`c|}ù?;?v=<??.b?01?ù#$hü4?01#$?"

%CW?#$??¨_kH{à;úüá—2#$`c|}V?&p4à&K′-?éè?kl?μ?′./#$014iùì?14iù?μKO&Pk??μ?L?′./#$01VoD??Qè[???#$01YcBè&üKOFPk??μ

^?′./#$01C/iù01Yciù·è?àQ˙:?e′k?￥???4C/iù;$01-fgQ)!">???9±B?o1Bè.*;_b!">?c%40efeKO′Pk??μB??′./#$01JE(???&*≈iù&Lgklcd4QZêe}?μb4QZB??ut0r?egú?uT)*è;??>!2￥?Aμb46??u!2??;￥?+,Q~üá>Qˉp?4-.)dMμA?yù?es4M/?&Lg?μ?kleˇ??4?5

0Jr)?′./#$01???H4?"?2fib01a?CWU%?¨_zìˇ)t0"?Bè!?Am¤;W)4?/s?-JE(?4!">?Kt0‰JrZ[˙ìAPPM_1">?ê??;TA!">???r?K5-kl?μ??′./#$01iù4_±???D￥μONESTP#$%ao??yêKO&P?í4IRA&?í4#$%&?′!./78;4?;?&./?ú8.23%;?F./?ú57.12%;?′./?ú34.65%W0**≈fêKIRA?“°íIRA-RothIRAe4?IRAK1974D;?ííg5j?”∏?°6¨??￡?˙?fi0h?7OERISA?￠?/?IRAK′./??8>_ü[81974DIRA??′./4ú5k)2%;?2021DD?;IRAN?í#$%?c¨4?úw?35%;36.7%4?íèéó*{±?&IRAK?yKNù&?¤a;IRA&∏ˉ·8?íaìt)IRA&!4??d;<1981DGò???§fi±(Kn;70%4IRA>?*{???Kt0‰CF4`cG?sd—aì4???˙;ê?rs;);Wê’_^[?E?v±?A4`cL7KLg;?í4IRA&ú?{&pòQü?í4IRA¨_à)?F./#$%?4O?D%c¨ó??L_b(–?"O;n;IRA>?*{‰gZ{`FeU?4`c??KOFP4í4#$%ao??yêV"#$%&EMN?

'Q§WJ:hKeu&B4<;4í?/?NEST#$%ao??yêKNEST?2021D?&^o;NEST?{1000xt0"￡;HI?4í?88xèO?Kú?Bè?t?K{9.89qoì4?{`cfèe???˙4·EbH?N?8Kˇ??JE(?4??ò?Bè???b

kj*Kì()íèao&_`-Q<Yc)_2§W

^4!"#$%&"#$%>?￥?&jàüfi!"eu?APPz-B?E(?ò?;ü?;ü?&./?F./!">?Aúk?fi!"#$%>?-§-BC?v=KOFPr·2)|};SLêùao#$`c?”VaUD??¨_ù*1g·o4xao?]?(!"#?!24t)?4?g

SeJ*≈iùK?%???Uhü_?9±?L@i&à4!"#$%—“˙p;fi’2§ú?á-fgao“?5ˉ-jü-?g4￥?K"#$%&WC?yC"5???uó[JμiE4??vwnzx??v?yCo1`cUW)??fgao>!"#$%&?8ê’?-4??ùD6ó:i??kl:?4ò…)k?A??}ò?!"#$%Yc}W4?[?KO5Prk???)0h;?/T]`c±à!"#$%&4z∏ˉ9&<`0">?LBp4#$c"4JM_??;2<>—Q?6??`c”˙4fgaos?;ùM_??{{Jμ?{|??>—!2s?ù?4`c¨_??μb?Lè!"#$%)D7Xtz-}&tu?èJZ[?/T]`c±àsfi=ù`cμb4!2Xt?±à!ú?J?!2MW???~Qüo1fè4%?¨_7Lú??&jà4`c¨_r’T7L4Là??!2??8~??8~Un`cμbQ~4á?KP QR$ST%&'()LMVWXY——ZT%&'()[\]^`O?–?#$%?50"é??éèê-?…

%??{àa?#$%??9??+,-*./#$0123;)fg0hJ?iù&??}§L--ˉ/?W^&~!"#$%<*+,*./#$0123456789:<_b#$01&J*≈iùê’=>"?$@A4gCGHiù456?K2022D4L;í¤?–aRij?ü—"-89UVWXYZ[\]^_`X24K+ú?KüDL4M;"f9-??9U69]?Lij?!"#$%_`–?!"#$%&?à?[￠?C0?g??g?≈ij/?>%?_2t)!"#$%?¤§WB?"f9??9eí??aj36!VWXYO[\PGK;!"#$%?àí??￠N%í*+,*./#$01234?ˇ§??#$0123ur$z????Q4?′./;)íyZW???K"#$%?“”<56

'k,—M~;iC+,R&E4?fi)^C;_b???.y‰??′./–‘!"Mè-!"èA;_bC?y4?˙#$EFKJr)??CGHiùáfi·FbKz2014D?2050"?4^C?b??z4xqúé?fê?106xqúé??GDP4úk)z8%é?fêp33%é?K!"#$%Y,??!"0í0;t)">!"#$%?“”<ú??`F?∏ˉ;&;?M^tu-M^`c-M^fu-?`4? #$%c¨hv?¨—L?;w?0efe?"KF-!"%?I#‘14íy?2()^C%??456789:;%?I#‘1<iw??2ù?

'K2009Dê1ONFCSP;??í%????4`c?”

%gOInvestor?h*K^C‰??μbLg?{ê????K7?_`K_6??M?c%??e??ê?c%??e&+?¤B?N>%?”˙??μbe??W)U%?I#§W‘14

'Q>?˙D?”De?EXAUhü?|(?§&?üá;)??üBè??ükl.*K′-?í!"#$%?“”??‘1ˇ￥:?)Xfi??ìo4!"#$%?“”;?í#$%?50"é?ií~?(‰()jW1?"9&?8??í#$%?‘1a?KeW)U{ú??‘1áóáó????

~??%?

'”˙)o1“”-fi:+HI;??~?{‰^?K￠,‘1ib;%í!"#$%?“”?bra∏??M￥ê￥ n?¤R?ˉ3M?u:69.61;C—61.224jüu:KJrfl??aV10%r?Jrfl??aV10%rQ4?éKaê*"êQè?Víμ`c?é?KOFPìo?{#$B??˙;2W^bQ~n?>>_G4#$EFó^b=ù?ˉ4üáK?˙?fiDw??˙}470%?μ0??˙?EFGHQaùú?”K#$Là;?67.42%K?*k‘1>#$0hK§W#$B?e#$“)=§W#$?%D6K1>4D6%…N50xra;)a′8O25.48%P4‘1>#“)#$`c±564?"<ˉ0~%I“)QZ?ù?O35.28%P-?v=f?O33.45%P;b{¨_èí)ìoD???{&pXK?C‘1￥ ?{&

§4?è

'KN#$`cD?Lg;‘1úv?#$D6?è-!"#$%tn?è?)30%4iù??K¨_e

%¨_4fèúk:?)55.13%50.71%36.92%e30.09%;?o1¨_÷?_üK%B±.??púk4CòK5-*LLb?^;?§!"#$%CGHiù!"#$%&J*≈iù;_b!"#$%I?z’few?=>$@AB?#$%m‰=-BC?˙?EF?y4?"KO&Píè+g?

§`c?ám¤;?/%?I#?￡ì&;F?fi;0c`c"¨vKCìo%?I#K”·eyKf\?v?}%w`c?F./Y?=w30%?′./Y?=w20%;úALà??j?#$`c?˙KO′PO?+g?BCm¤?˙;Cfi￡RB?#$%?“”g;?2022D?íf0%?iù‘1oK?):h4!"#N_a??

0KO5P!"+g?f–#$D6?˙;B?#$%?I#§W#$`c0íKa3b$%&'()B'()[cd`?fl?#$%?50"é??¤?éèê-?í??§?ü?fi?ü￡)

§*./#$0h23?ú?§#$0h&J*≈iù;?~"ì?oMvfê4*?A#$D6;2022D4L;í¤?–aR@?ü—

^!"#$%iù4?SOraT??S;!"#$%?[_`K2022DL25P-QR-ST-?I-8óU36!VWXYZ[\^_`K%"-8/2CGHiùK&-iù!"#$%ê’=>"?$@A%íN20"a90D‰B=6?/

~#$01O?$ó#$01e!"Dí#$01h￥L4*+,*./#$0h23?[*Diùe?~?&./

~#$01HI?*≈#?&#$%?{56??KO&P!"#$%{fi—òA#$0123￥ˇ?<“KOFP!"#$%{fi—$_fg#$?%D62019D?o?`-í¤?@i4?íèê’=>"?$@A?ê?B??B=6($_=>"?$@A4fg?%D6*K!"#$%<?í∏&O′P!"#$%{fi—?§íè%?￥ˇ‘—c¨rQ4ê?`cc%;?§%??zpec~Yc4CGHiùKO5P!"#$%{fi—?~!"#$B?ü?1·’?˙;1?&pê?#$B?KF-!"#$%N#$%?Lg4§ù)??O&P?ˉ??′./#$%478àˇ2018D;??9-íè?¤?-"bcdfg0h9-C0?#$%??¤;?#$%??¤78KOFPˉp?!"#$%>?&}n±àV?ò?í4

'F<?CW1?4c%>?)

'>??p;

'efl?KO′P???!"#$%YcA}n|}?Yc(ò;nüaêaya?4?.2áKO5P?U?!"#$%*úA`c?"

%U??u/Ycj ??S?ˉtu"J@ACW??-D<A-?#$01-aF

%U}(I?-8[zp-"4Bˇ9?êùSL4?.)L(Kê???4#$%?EùO&Pó:i?Yc(ò;‘^?Lgê’?}(4??9u"*úA4o1fèK

%Ji?M?∏ê&<–A`c?á?¤m¤?üíì?(`e`c;ü?à?Qü?24XtAD?K4iùKú?;nü#$%?Eù?-?ò4m¤K4,á5%?o1??·?#$%?o1!"#$%<tu"(#$–>I??46?￡￡ùC;￠6u–?$%?Yc4o1??hü%???9±=òl(fā)?MG????B>t)!"#$%}W4%?ìˇ4?nF^§W??fi?hü%?ìˇòA¨_em¤?é%?ìˇ

=*{¨—#$%z’fe4¨_??Z[ê?`ce￡e`c)tu"BèL?¤oü?6è¨_o1Bn>¨_4o1?ehü%??¤§W?;?fi???uó[flBW)?′u–#$%??”BC#$%?{ù)óiùK5!#$%??”;BC!$B?-c¨hv-o1??e0v

cμbKü??#$%?ü???·?<#$%?50"é?8￡Zü-~·?`íKefg$hijklmn/pqrst'(uvwxyLM?êá?#$%?50"é?∏ ü￡;?í"ì????-–?üeeê"+8dg

§%í#$m¤?|CGHiùKaó!-

^#$m¤iù¤iùoKB=?ío¨?4?￠í¤c<L￥e??í?Z"≈PQ?_?íèê’=>"?$@A?ê?B???o?`-$@ABù)?í∏fg_?b‰Aiù4?[?ùL-o?KB?|=<&!+?,§4iù[?;￠#$m¤?|4iù;‘è?8eèé-fg-YcU_24ü3K?′??èoü%xe#$m¤iù4ü3?íàb‰A6??2"ìoü%x4?ú??$D"ˇ4èé4oü%xb_?;?—$D"=μ=-üáèég￥??o147kWQ?S;(&"=μ?è=‰@￠9h3<Nèéü3??’U(c2fié=KF-rCGHiù)ò~&-

^#$m¤?|?giùaR(K?&; ??*r$D"4D?)?￠#$m¤?|iù4ò?|CGHiùc|?

—$D"ˇ4èé4_yD?s&p?í-ˉpm¤?;f–?íˇm¤4?5?-{??K<?+g4

~#$m¤&ˇaK=ê;)§&?

§%í

~#$m¨?Cüiù;ó?{564b_??K?′?b

§?ˇ#$m¤iù?ˇ#$m¤?|<%í#{K*≈?_??;Z[2&?ˇ-§??μ

§#$m¤CGHiùK{|}$'(uv~iwxyLMXY?§è?#$%?50"é?∏ ????QZuXKòl(fā)?2021Díè$@J?iùao?;op2021D12L;%í60?rQ$D"w?2.67q";??"?ú5)?r$@Afl?K?’]$@’?kln2021D%í=μ="k?)4500"-89(cm¤D?<BC$D"”?4|=??(c56B?(?f§$D"”??{56??K&-"?$@A¨…)=μ$D"B±Q"?$@A4üj"^;I{I!YV<y4???M4\êKkln1981D%íy4???M)67.77?2010DBC?74.83D??%íy4???M)QZBC?2030D}?)??80?;?;2020D??1.3;Wl<N*≈Q<QJ?4§?K%íC@$"B±e?úQZBCK?è"￡EF?y4BC;1.8q";??"?ú5w?17%é?K%í"?$@A?…?#;34<80?rQC@$"ú5?á)#$í65?ˇrQ$"?@7??&74?D@7)7.4%;75?&*≈f?;2049D)?a1.4q"K.?à(c2Vèé￥ˇ·A>?P^t)=BC“°#$?Aà?U;Ixrèé8￡)_6(c‰4èé#O.?à(cN#$m¤23?4(òV?:,fg#$m¤N?~$D"(cm¤D?Lg4(òM,?=KF-%í#$m¤23iùbs)g￥4?=?…m¤ìˇ?u"*8kú?2005D4+;BC?2020D431.1D420+fu?2015D430.3+Kjü-′;%í#$m¤n;2021D;%í65?rQ$"?u"#$ìˇ*8k)25.1+-?í49.9O2018-?ù?;±C4ì?ò)53.2+;±?4R~ò)9.9+K#$ìˇ*8?v=.?C;òl(fā)ì?9kl;2020D?í{200?￠??4m¤"kQ?10"KDNR~[\êù4‘1kln$D"$“)(c?í_2=56.66%>w)2.62%“)?8=?a?(c_2?í4)15.44%K4@Aμb-#$m¤èíGHUú?9hüK′-#$m¤23g￥4_6á?rˇ?￠es4QZfê4#$m,vILg4á?K?ib;{hi&9:#$ìˇkk8;m¤[1)m¤'<W<K\?è#$m¤yê4(òKQ<N&E?)h?L4ê’?QC;ó#?Liù?yQCKbK5-#$m¤23CGHiù4??#$m¤23?ú|?ê’¤(&!¨…I?,?B=46?&!¨…<%í"?$@Ag￥4/??X4¨…6óó7?#$m¤?iù456,?ì"?e8??I?,?c<ê’=>"?$@Aíè,?’?í,?>#$m¤?iù