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1.2 Impact of market expansion2.6 Economic growth and wealth effectGuide long-term funds to enter the market: Personal pension is a long-term fund, and its investment in index funds will help guide more long-term funds to enter the capital market and enhance market stability.

2.4 Optimization of capital market structure2.5 Investor Education and Financial Literacy ImprovementIncrease 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.

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:Improvement of market stability: the entry of long-term funds into the market will help reduce short-term fluctuations in the market and improve market stability, which is of positive significance to the healthy development of the capital market.Improve market efficiency: the transparency and low rate of index funds help to improve market efficiency, reduce transaction costs and increase investor participation.