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2.2 diversification of investment styleTo sum up, the inclusion of the first batch of 85 index funds in the personal pension investment catalogue not only responded to the guidance of national policies, but also brought more incremental funds and investment options to the market, which is expected to have a positive impact on the expansion and stability of the market.2.5 Investor Education and Financial Literacy Improvement

2.1 Increased market liquidityIncrease 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.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 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: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.