increasingly important in today’s world, especially for China, with us being the largest population in the world and aging. 1. Demographics and savings We all know that the reduction in infant mortality and longer life expectancy contributed greatly to growth in population. For China, we had 2 baby booming periods. The first one is from 1962-71, the second is 1982-1992. The third one was supposed to come in 2005. But it did not. Because of our one child policy and also the up-rising real estate prices. I’m the first one child policy generation and my son is the last. I do think it helped to contain our population growth to a moderate rate 六合开奖结果,2019年今晚开什么特马,2019六和合彩开奖记录,特马近期开奖结果查询,精准高手论坛免费资料but came with the side effect of fast aging pace. Currently, the average age in China is approximately 47 years old, whereas the average age in the labor force is 37. As of last year, the population above 60 years old is 249 million. It is projected that by 2020, worldwide one in four people aged over 65 will come from China. In our social security system, in 2005 we have 6.1 workers supporting 1 retiree, in 2025, this number ing only 24 million people and this year we are rolling out annuity for public servants. Adding 2 trillion from National Social Security fund, 六合开奖结果,2019年今晚开什么特马,2019六和合彩开奖记录,特马近期开奖结果查询,精准高手论坛免费资料the total pension reserve that China has right now is 9 trillion, accounting for less than 10% of our total GDP. And that number in UK is 121.3% in 2017. So that is why this topic today is not only of great importance for China but also of the highest urgency. The whole nation’s wellbeing and prosperity call for a faster and more comprehensive pension solution reform. Oilities of asset managers in China. 3. The Progress and advantages of ChinaAMC’s pension management Here at ChinaAMC, we are proud of how our business has evolved along with the prosperity and openness of China. Since establishment in 1998, ChinaAMC has maintained its industry leadership with total AUM of approximately USD 160 billion. As one of the earliest nation-wide fund management companies approved by CSRC, we serve over 100 million retail investors and 44,100 institutional investors including many of the world’s largest and esteemed institutions. Being the earliest fund company to engage in pension asset management in China, ChinaAMC has accumulated over 18 years of experience in national social security fund, enterprise annuity and basic pensions. At the end of Q1 2019, our total value of pension assets under management exk all o六合开奖结果,2019年今晚开什么特马,2019六和合彩开奖记录,特马近期开奖结果查询,精准高手论坛免费资料f this sounds quite scary. Should we get panic? Not really. Luckily Chinese people has a tradition of saving. Saving deposit for Chinese residents amount to 78 trillion in 2018. So now our public policy focus and industry endeavors today is to use investments to help the savings not only reserve purchasing power but more importantly to grow to cope with the challenge of living a longer and better life. We do believe that professional and responsible investments are the key. 2. Asset managers as the main force for pension developments in China Pension assets have a longer investment horizon compared to other investment objectives, which is where Chinese mutual fund managers excel in. Since inception 21 years ago, Chine六合开奖结果,2019年今晚开什么特马,2019六和合彩开奖记录,特马近期开奖结果查询,精准高手论坛免费资料se mutual fund companies has always been the major force of the development of wealth management particularly pension investment. At present, 60% of Chinese pension assets are managed by mutual fund companies such as ChinaAMC. P六合开奖结果,2019年今晚开什么特马,2019六和合彩开奖记录,特马近期开奖结果查询,精准高手论坛免费资料ension management business is believed to become one of the major driving forces contributing to the development of the industry in next 20 years. As the main managers for National Social Security fund and corporate annuities, Chinese mutual fund managers have gained rich experience and outstanding track records. According to the Association of China Asset Management, over the past 21 years, domestic equity funds achieved annual returns of over 16% p.a., outperforming the Shanghai composite index by over 100%. Meanwhile, 2.3 trillion RMB of return was turns of 16.82% p.a. and paid dividends of over 12.9 billion RMB for more than 82 times since 2003. Significant progress has been witness in our collaboration with leading international peers in pension management such as Fidelity International where we adopted their glide path methodology into local Chinese market and successfully launched the first Chinese TDF product– Huaxia 2040 in September 2018. With thanks to nearly 170,000 fund holders, the company has set up a full suite of TDF product line and keep leading the investors’ education journey. This is only the beginning. We hold the faith that long