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2.1 Increased market liquidityThe expansion of individual pension system is an important step in the development of multi-level pension insurance system in China, aiming at meeting the challenges brought by the aging population. According to the latest policy, the personal pension system will be extended to the whole country on December 15th, 2024, and the first batch of 85 equity index funds will be included in the catalogue of personal pension investment products. The implementation background of this policy is mainly based on the following points:2.2 diversification of investment style

Underdevelopment of the third pillar: Compared with developed countries, the scale of the second and third pillar pensions in China is relatively low, which needs to be promoted through policy guidance.The influence of the first batch of 85 index funds on market expansion is mainly reflected in the following aspects:1.3 data support

Increase investment options: Incorporating index funds provides more investment options for individual pension investors, enriches the product line and meets the needs of investors with different risk preferences.The pressure on basic old-age insurance is increasing: with the aging population, the growth rate of basic old-age insurance fund expenditure exceeds the growth rate of income, and it is estimated that the basic old-age pension gap will be close to 3 trillion yuan by 2030.