On January 22, the Shanghai Financial Regulatory Bureau issued the "Shanghai Banking and Insurance Industry High-Quality Development Action Plan for Pension Finance." The plan proposes an upgrade to basic pension insurance services. Banking institutions should fully leverage their advantages, such as extensive branch networks, comprehensive channels, modern equipment, and robust platforms, to continuously optimize the service environment in their branches, enrich elderly-friendly service facilities, improve service management standards, and enhance personalized services for special groups including the very elderly, thereby improving the service experience for participants in the basic pension insurance system.

Banks and insurance institutions must adhere to compliant operations, establishing a comprehensive risk control system that covers pre-event risk assessment, real-time monitoring during operations, and post-event performance evaluation, thereby building a strong firewall for the safe operation of basic pension funds. The plan supports qualified commercial banks, insurance institutions, wealth management companies, trust companies, and others to participate in the comprehensive management services for the basic pension fund.

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