Recently, the State Administration of Financial Supervision and Administration of China issued a notice officially expanding the pilot scope of pension wealth management products to the whole country, with a pilot period of 3 years, and raising the upper limit of the fundraising scale of eligible wealth management companies. This series of measures is not only a strategic deployment to improve the multi-level pension insurance system and actively respond to the aging population, but also a key lever to facilitate the transformation of residents' savings into long-term pension investments. From a policy perspective, it "loosens and empowers" the pension finance market, and injects strong impetus into building a stable and sustainable pension security system. The development trajectory of China's pension financial management has always followed the path of "pilot first, steady progress, and innovation driven", gradually forming scale effects and market vitality under policy guidance, and this national expansion is a key leap in this process. Since the first pilot program was launched in 2021, there are currently 51 existing pension wealth management products in China, with a scale of approximately 106.5 billion yuan, and 37 personal pension wealth management products, which confirms the improvement of market recognition and residents' awareness of pension investment. It is particularly crucial that the notice clearly states that newly issued products can be automatically included in the list of personal pension wealth management products, breaking through the previous bottleneck of long processes and cumbersome operations. This not only improves efficiency, but also lays the foundation for further market expansion. On the basis of steady growth in market size, the innovation of the form and service upgrade of pension financial products have become the core direction for the deepening development of China's pension finance industry, among which the "long-term" orientation and "universal" characteristics are particularly prominent. Product innovation is always coordinated with capital investment, and elderly care funds are deeply involved in smart elderly care, aging adaptation, and health care industries through equity investment, debt investment, and other forms of investment. This not only empowers the silver haired economy and the real economy, but also relies on financial technology to strengthen penetrating risk control and investment research capabilities. While ensuring the preservation and appreciation of elderly care assets, it releases medium - and long-term financial vitality, and helps to build a multi-level elderly care security system and optimize and upgrade industrial structure. Although China's pension financial management has achieved a leap from pilot to national level, and has achieved phased results in scale, products, and services, there are still several shortcomings in the current market that urgently need to be filled in comparison to the requirements of building a multi-level pension security system and the diversified needs of residents. From the perspective of product supply, the number of pension financial products suitable for personal pension accounts is significantly less than that of public funds, and the problem of product homogenization is prominent, making it difficult to fully meet the diversified and personalized needs of investors. Investors' understanding of pension finance and the cultivation of long-term investment concepts still need to be strengthened. Some investors may have short-term speculative psychology or unclear understanding of the risk return characteristics of products, which can easily lead to irrational investment behavior. From the development experience of mature international pension finance markets, the core logic of "policy incentives+market diversification" provides useful references for China. For example, Germany's "Rister Plan" significantly increases public participation willingness through fiscal subsidies and tax incentives, the United States provides diversified investment options through 401 (k) plans and individual retirement accounts (IRAs), and Japan's "iDeCo" system encourages citizens to reserve pension funds in advance through government payment subsidies. These international practices not only highlight the ability of policy guidance to activate market vitality, but also confirm the significance of diversified supply in adapting to the elderly care needs of the people. They provide a clear path for China to build a characteristic elderly care financial market that is in line with development laws and realistic national conditions, based on the reference of advanced experience. To promote the breakthrough of China's pension and wealth management business and achieve sustainable and healthy development, it requires the collaboration of policies, market institutions, and investors, forming a joint force from multiple dimensions such as product innovation, policy incentives, concept cultivation, and risk prevention and control. At the level of product innovation, wealth management companies need to further increase their research and development efforts. Innovate new products that meet the needs of elderly care, enrich product maturity and risk spectrum, such as issuing exclusive products with a term of more than 10 years and a minimum holding period of 5 years, and promoting their automatic inclusion in the personal pension product pool, developing more comprehensive solution products that are deeply integrated with elderly care scenarios such as health management and long-term care. At the level of policy incentives, it is necessary to further improve supporting mechanisms to lower the threshold for residents' participation. Strengthen the preferential rate and long-term incentive mechanism, implement phased reductions or differentiated pricing of management fees and custody fees for pension wealth management products, and explore the establishment of a gradient rate preferential mechanism or tax deferred incentive policy based on holding period to reduce the cost of residents' pension wealth management and guide long-term investment. At the level of cultivating investor concepts, it is necessary to deepen from "knowledge popularization" to "habit formation". Popularize knowledge of elderly care and financial management through various channels, help the public establish a scientific awareness of elderly care planning and long-term investment concepts, enhance their understanding of product risk return characteristics, and avoid blindly pursuing short-term returns or excessively avoiding fluctuations. Financial institutions should strengthen suitability management and accurately match investors' retirement goals and product characteristics. In addition, in terms of risk prevention and regulation, it is necessary to continuously improve the rule system to balance innovation and safety. Further strengthen information disclosure and risk warning, link product performance display with underlying asset performance, objectively reflect risk return characteristics, and guide investors to establish reasonable expectations. Continuously improving the requirements for investment research capabilities of wealth management companies, optimizing asset allocation, and ensuring 'long-term investment' and 'stable investment'. (Xinhua News Agency) Author: Tian Xuan (Dean of the National Institute of Finance at Tsinghua University and Distinguished Professor of the Ministry of Education's "Changjiang Scholars" program)