In a recent speech, the CEO of Schroders global investment group, Erfen, pointed out that the aging population trend in China is driving the development of the domestic pension service market in mainland China. He expects the market growth rate to far exceed that of the mainland capital market. At the same time, he is optimistic about its role in promoting the mainland capital market and the overall economy of China. Erfen further stated that it is very advantageous to consider incorporating overseas assets into China's pension investment portfolio. On the one hand, it can provide investors with more diverse investment opportunities and help diversify the risks of investing in a single market. On the other hand, issuing more pension business licenses in China can allow more financial institutions to participate in the mainland pension financial market and improve the quality and breadth of enterprise annuity products of the second pillar of the pension insurance system. Erfen expressed that in product design, due to the different financial needs and investment goals of investors at various stages of their life cycle, it is necessary to create flexible and personalized pension investment channels. In the future, the industry is expected to develop innovative pension products such as private pension funds with diversified and qualified domestic institutional investor (QDII) overseas investment quotas, as well as Real Estate Investment Trusts (REITs). Furthermore, Erfen also shared Schroders global investment group's experience of integrating retirement finance with green finance. In the UK, the group invests insurance and retirement assets in renewable energy infrastructure, helping achieve long-term stable returns and decarbonization and emissions reduction goals. The Schroders Global Green Team under Schroders global investment group is the largest investor in renewable energy infrastructure in the UK and is currently focusing on developing investment opportunities in renewable energy infrastructure in China, supporting clients in achieving their emission reduction goals through investing in high-quality clean energy power generation in China. As the world's largest renewable energy market, as of the end of September 2024, the combined installed capacity of wind power and solar power generation in China reached 1.25 billion kilowatts, providing significant investment opportunities to promote the transformation of renewable energy. In a low-interest rate environment, allocating insurance and pension assets to renewable energy infrastructure not only helps investors achieve stable long-term returns, but also aligns with China's green finance policies, creating a significant positive impact. Looking to the future, Schroders global investment group looks forward to continuing to contribute to the development of China's pension ecosystem, and working with the industry and investors to seize the opportunities brought about by the opening-up of China's financial industry and address the challenges posed by an aging population.