China faces structural challenges from the combined effects of deep population aging and declining fertility, which have highlighted the pressure on the long-term balance of the basic pension insurance fund. In 2023, nationwide expenditures from the enterprise employees’ basic pension insurance fund reached 6.2 trillion yuan, with fiscal subsidies accounting for over 15%. The establishment of the personal pension system, by attracting voluntary participation through market-oriented mechanisms, can effectively mitigate payment pressures on the first pillar. By the end of 2024, the number of personal pension accounts in pilot cities exceeded 50 million, covering approximately 3.5% of the working population. Calculated at the annual maximum contribution limit of 12,000 yuan, this could theoretically generate a supplementary pension fund pool exceeding 600 billion yuan. This collaborative mechanism, integrating both government and market approaches, not only aligns with international pension reform trends but also provides crucial support for China's transition from a pay-as-you-go system to a multi-pillar model.