China's government has published a notice on the nationwide implementation of the individual retirement pension system, which will come into effect on December 15, 2024. The system has been piloted in 36 cities since November 2022, with positive results. The nationwide rollout is aimed at further promoting the development of a multi-layered and multi-pillar pension system, as per the Party's 20th National Congress and the 3rd Plenum of the 20th Central Committee. According to the notice, the system will provide a guaranteed and sustainable source of income for retirees, enhancing their financial security and promoting a higher quality of life. The implementation of the individual retirement pension system is a significant step towards achieving the goal of a moderately prosperous society in all respects. The system will also help to alleviate the pressure on the social security fund and promote the development of a sustained and healthy pension industry.