[Germany Lacks Investment Capital Despite Ample Savings, Pension Reform Could Bring €90 Billion Annually] According to a report by Golden Finance, Torsten Slok, Chief Economist at Apollo Global Management, pointed out that Germany's investment demand in areas such as AI, infrastructure, defense, and energy security resilience is continuously growing. Meeting these long-term needs requires mobilizing public and private capital through credit and equity markets, but the scale of institutional funds available for investment domestically is relatively limited. Among major developed economies, Germany has the lowest ratio of funded pension assets to GDP, at only about 7%, compared to 149% in Sweden and 185% in Canada. Additionally, only 14% of assets in Germany's occupational pension plans are allocated to equities, far below the EU average of 34% and the U.S. average of approximately 50%. However, German households have the highest savings rate in Europe, with a significant portion of household wealth held in the form of deposits. Despite substantial household savings, Germany has not effectively converted these into long-term capital that can be invested in the real economy. The ongoing pension reform could ultimately bring approximately €90 billion in additional annual inflows to the funded pension system, equivalent to about 2% of GDP. Pension reform is expected to become a critical link connecting German household savings with long-term investment needs. (Jin10)