Both. Generally speaking, strong tax incentives and convenient operation will fully mobilize the enthusiasm of residents to participate in the construction of individual pension accounts and promote the rapid and good growth of pension reserves in the whole society.

Individual pension accounts are managed in a closed way. Turning scattered and short-term funds into long-term and stable allocation funds, implementing the concept of value investment, realizing long-term investment with peace of mind, and avoiding the negative contribution brought by frequent redemption will help solve the industry pain point of "funds make money, but citizens don't make much money", so that investors can better share the long-term development and growth achievements of China's economy, listed companies and capital market, and pension savings can better overcome inflation.

The construction of personal pension system has obvious strategic significance for the benign and healthy development of capital market and national economy. With the continuous, steady and orderly entry of personal pension into the market as a long-term allocation fund, it will help to curb the fluctuation of the equity market, realize the slow growth of the capital market, promote the increase of the direct financing ratio of the national economy, boost scientific and technological innovation and economic transformation, and form a benign interaction between the real economy, the capital market and the elderly.