2  Referring to the formula in the previous footnote, and interpreting {dt}t=0...∞ as the actual (ex post) stream of dividend payments, systematic underprediction of the dividend stream looking forward from any given vantage point t can result in an underestimation of the return that can be expected, at t, from holding the stock at the current price pt because the market price grows at the growth rate of the actual dividend payments.
At present, the total financial assets of Chinese residents have reached RMB160 trillion, of which more than RMB90 trillion is bank deposits mostly with maturities of less than one year. The financial assets that can be converted into life-long pension resources are of a massive size, thus demonstrating prominent advantages.