Research On The Development Strategy Of China Construction Bank's Pension Business

Population aging will be the basic national conditions of China throughout the 21st century.At present,the reform of China’s old-age security system is steadily advancing towards the goal of "full coverage,basic protection,multi-level,sustainable development",and the old-age industry will become the new "blue sea" of economic development.As an important part of the pension industry,pension finance not only has huge economic benefits,but also contains inestimable social benefits.It has been paid more and more attention by the whole society and financial institutions.The construction of pension financial system has been raised to the national strategic level,bringing unprecedented strategic opportunities.Looking at the historical experience of developed countries,it is a common form to support the development of pension finance with diversified financial services.Especially,commercial banks,through their comprehensive financial services,link the pension funds and the real economy.On the one hand,they can solve the pressure of maintaining and increasing the value of pensions,on the other hand,they can also help the development of real economy and create new profit growth points for commercial banks.。As an important part of China’s financial system,state-owned commercial banks bear the important responsibility of promoting the economic and social transformation of the country.Developing pension business is not only an important way of its own transformation and development,but also an important content to meet the growing demand of the people for pension financial services.In the current fierce market competition environment,how to find the right direction,seize opportunities,meet challenges and gain advantages is a very practical issue.At present,the old-age security system in our country is a form of "unified account"which combines "social overall planning" with "individual account".It is a mode that combines the pay-as-you-go system with the savings accumulation system.The design of this system can not only deal with the severe aging situation,but also effectively alleviate the financial pressure of the government and fully mobilize the enthusiasm of enterprises and individuals in solving the pension problem.However,in the actual operation process,China’s pension security system presents certain problems,which are manifested in the imbalance of the development of the three pillars of the pension security system.Second,the old-age security is still at the level of regional overall planning,and the development of the old-age security area is unbalanced.Third,the development of pensions as supplementary old-age insurance is relatively lagging behind.Under the background of speeding up the construction of multi-pillar old-age security system in China,all commercial banks combine the old-age financial business with their own business transformation and development,constantly strengthen the overall planning and business layout of the old-age financial business,and gradually explore the establishment of a comprehensive service system covering the whole process and one-stop old-age finance.This paper takes the China Construction Bank as the research object.On the basis of the analysis of China’s pension financial market and the internal and external competitive environment of the bank,it makes a deep research and Discussion on the development strategy of the pension business of the bank.Firstly,starting with the basic theory of pension finance,this paper introduces the basic concepts of pension finance and the basic situation of research and development of pension finance at home and abroad,focusing on the internal and external environment of pension business of China Construction Bank.Thirdly,using management analysis method,SWOT analysis method and PEST analysis method,the internal advantages,disadvantages and external challenges of the China Construction Bank are analyzed,and the strategic options of pension business are determined.Finally,this paper uses the theory and method of strategic management to determine the business strategic objectives and plans,and clarifies the strategies from four aspects:business model,customer marketing,product business and channel.In order to realize the development strategy,this paper also analyses the guarantee of the implementation of the strategy from the aspects of comprehensive management,improving the assessment strategy,strengthening the linkage of third-party organizations,and building a professional talent team,so as to effectively guarantee the implementation of the pension business development strategy of China Construction Bank.