◇ 作者：钟言
◇ 本文原载《债券》2026年4月刊
党的二十大报告和“十五五”规划纲要都强调增进民生福祉，提高人民生活品质，积极应对人口老龄化，推动养老事业和养老产业协同发展。发展养老金融是促进中国特色金融和养老事业高质量发展良性循环的关键着力点。债券市场作为金融体系的重要组成部分，具有规模大、期限长、风险收益稳健等优势，在筹集长期资金、支持养老产业发展、满足养老金资产配置需求等方面发挥重要作用。通过政策引领、市场创新、金融基础设施服务多方发力，债券市场可持续助力养老金融体系发展完善。
促进养老产业融资更加丰富多元。养老产业需要大规模、长周期的资金支持，与债券市场的产品属性较为契合。债券市场作为货币政策和财政政策的重要实施渠道，支持发行普惠养老专项再贷款，引导金融机构扩大养老领域信贷投放；发行地方政府专项债，将养老服务基础设施建设纳入重点支持领域。此外，债券市场创新发行养老专项金融债券、养老主题金融债券，审慎有序探索银发经济领域资产证券化，鼓励成熟养老产业主体直接融资，发行养老产业债券、绿色养老债券，拓展多元化资金来源渠道，助力养老产业规模化发展。
推动养老资金投资更加成熟稳健。养老资金面临安全性和收益性的双重投资需求，债券能够提供可预期的票息收入，是养老资金进行大规模、长期化资产配置的理想标的。近年来，管理部门相继出台政策，鼓励养老资管产品配置债券资产，将储蓄国债纳入个人养老金产品池，明确支持理财公司以债券等多种方式投资养老领域资产，不断打通养老资金与债券市场的连接通道，为养老财富的保值增值拓展空间。同时，养老资金作为理想的长期投资者，也为债券市场提供了宝贵的长期限资金，降低市场整体融资成本，形成良性互动。
服务养老金融更加精准高效。金融基础设施是联结政策与市场的重要纽带，是提升养老金融服务效能的重要力量。以中央结算公司为代表的市场基础设施，为养老主题债券提供全生命周期服务，积极发展柜台债券业务，服务居民家庭购买国债、地方债等债券品种，支持个人养老金投资储蓄国债。理财登记中心有效支持个人养老金制度全面实施和养老理财试点扩大，持续优化系统功能，上线业务监测指标，助力养老金融相关业务穿透式监管、持续监管；建设中国理财网养老金融栏目，服务投资者宣传教育和权益保护，践行金融工作的政治性和人民性要求。
“十五五”期间，我国人口老龄化进程将持续加快，养老金融体系建设也将进入关键时期。市场各方应抓住机遇、主动作为，在拓宽融资渠道中助力养老产业发展，在丰富投资工具中促进养老财富储备，以高质量的金融供给服务好亿万人民群众的养老需求，为中国式现代化贡献债券市场力量。
Deepening the Investment and Financing Functions of Bond Market and Supporting Elderly Care Services
Zhong Yan
The Report to the 20th CPC National Congress and the Outline of the 15th Five-Year Plan both emphasize improving people’s well-being， responding to population aging， and advancing the coordinated development of elderly care services and related industries． The development of pension finance serves as a key to a virtuous cycle of high-quality financial development and elderly care services． As a core component of the financial system， the bond market features large scale， long tenors and stable returns， playing a vital role in mobilizing long-term funds， supporting elderly care industries， and meeting the asset allocation needs of pension funds． Through policy guidance， market innovation and FMI services， the bond market can support the sustained development of pension finance．
The bond market can provide diversified financing channels． Elderly care industries require large-scale， long-term capital support， which is well aligned with the products in the bond market． As a key channel for the implementation of monetary and fiscal policies， the bond market supports the provision of the special central bank lending for inclusive elderly care services， guiding financial institutions to scale up credit extension in the elderly care sector． It also facilitates the issuance of special local government bonds， prioritizing funding for elderly care service infrastructure． In addition， the bond market has seen innovative products such as special financial bonds for elderly care and prudent exploration in asset securitization in the silver economy sector． High-quality elderly care enterprises have been encouraged to conduct direct financing via elderly care industry bonds and green elderly care bonds， so as to expand funding sources and boosting large-scale development of the elderly care industry．
The bond market offers stable investment options for pension funds． Pension funds require safety and profitability when making investments． Bonds offer predictable coupon income， making them ideal underlying assets for large-scale， long-term allocation of pension funds． In recent years， competent authorities have released policies to encourage pension wealth management products to invest in bonds， included savings CGBs in the product pool for private pension， and supported wealth management companies to invest in elderly care-related assets through bonds and other instruments． These measures encouraged connection between pension funds and the bond market， and facilitated management of pension funds． Meanwhile， as high-quality long-term institutional investors， pension funds provide long-term capital for the bond market， and thus reduce overall financing costs， leading to positive interactions．
The bond market can deliver targeted and efficient elderly care financial services． The FMI acts as a critical link connecting policies and the market， and underpins the efficiency of elderly care financial services． As a core FMI， CCDC provides full life-cycle services for elderly care-themed bonds， supports bank-counter bond business to facilitate household investment in CGBs and local government bonds， and supports private pension funds in investing in savings CGBs． WeMac has supported the full implementation of the private pension system and the expansion of pension WMP pilots． It has optimized system functions and launched business monitoring indicators to support ongoing， look-through supervision of pension finance businesses． It has also created a pension finance column on chinawealth.com.cn to strengthen investor education and protection．
During the 15th Five-Year Plan period， China’s population aging will continue to accelerate， marking a critical stage for the development of the pension finance． Market participants and stakeholders needs to seize opportunities and take actions to facilitated the development of the elderly care sector by expanding financing channels and diversifying investment instruments， thus serving elder care needs for the huge population with high-quality financial services．
