Call for old people's financial products

A deputy to the Shanghai People's Congress has submitted a proposal aimed at promoting the development of financial products specifically for senior citizens.

Aisin Gioro Dezhen, a legislator from the Pudong New Area, said the city had more than 5 million 60-year-olds registered as permanent residents. 

"With the growing demand for higher quantity and quality of old-age services, it is imperative for financial institutions to follow this trend and innovate actively to establish and perfect a financial system that can better serve an aging society."

She suggested the city to launch policies and measures to boost development of pension financial industry, to guide financial institutions and design better products to meet the needs of the aged.

Meanwhile, government agencies can offer some preferential tax policies for the industry, encouraging financial institutions to invest more in pension services, so as to broaden the diversity of financial products for old people.

Aisin Gioro also called for more efforts to optimize Shanghai's old-age service platform and upgrade the management of data using Internet technologies.