[中英翻譯練習]International Investors cash in on China's pension market 國際投資者正準備進軍中國退休金市場

As China’s age profile continues its rapid inversion, the need for more private pensions is drawing some of the biggest asset managers to the world’s most populous nation.These so-called Pillar III pension funds — which are opted into by individuals on a voluntary basis, as opposed to relying on the state or companies for contributions — were still “at a nascent stage” in China, according to a 2020 study produced by BlackRock and the People’s Bank of China. Only Rmb2.2tn ($330bn) had been invested in them, it found, highlighting the relatively low amount of savings in the country’s private pension system.

But this year has brought the clearest signs yet that this is changing.

In April, Chinese authorities unveiled long-awaited measures — including tax incentives — that pave the way for the greater development of individual private pensions in a country where savings are still dominated by cash and real estate.

This shift is not only a crucial part of China’s approach towards the demographic challenges arising from its ageing population, but also an opportunity for some of the world’s biggest asset managers — given its expected impact on the development of the country’s capital markets.

隨著中國人口年齡結構漸趨倒轉，這個全球人口最多的國家對私人退休金的急切需求吸引了許多大型資產管理公司進軍該市場。根據BlackRock和中國人民銀行2020年共同進行的一項研究顯示，這些所謂的第三支柱退休金，亦即是可個人選擇是否加入並供款，而非由政府或公司供款的退休計劃，仍在萌芽階段。當時，研究指出這些私人退休金市場只有共2.2萬億人民幣（折合3300億美元）的投資額，可見中國私人退休金系統中存款規模較少的現象。

但今年，卻有明顯跡象指出這種現象正在改變。

今年四月，中國有關部門披露了人們已期待多時的政策，當中包括稅務優惠措施。這些措施為私人退休金計劃在中國的推行鋪路。值得留意的是，中國人的存款目前仍以現金和房地產為主。

這個改變不單顯示出中國希望應對因人口老化而帶來的人口結構挑戰，更為全球一些大型資產管理公司帶來機遇，但前提是這些公司能為中國資本市場的發展注入活力。