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2.1 Increased market liquidity2.3 Market stability improvement

Underdevelopment of the third pillar: Compared with developed countries, the scale of the second and third pillar pensions in China is relatively low, which needs to be promoted through policy guidance.2.5 Investor Education and Financial Literacy Improvement2.3 Market stability improvement

2. The influence of index funds into individual pensions2.3 Market stability improvementMarket scale growth: The inclusion of index funds is expected to attract more individual pensions to participate, thus increasing market scale and improving market liquidity.