92 trillion yuan. So a huge amount of money, the State Council can only deposit banks or buy government bonds. But in the past decade, due to inflation and other factors,
tn, the average annual investment rate of return was negative."Domestic pension funds devaluation risk of severe pressure of the huge investment, second only to reserves. Reduce the social security fund welfare losses and devaluation risks to rely only way to reform the social security fund investment system," director of the World Social Security Research Center of Chinese Academy of Social Sciences ZhengBingWen wrote.As one of the supporters of the market, the ZhengBingWen twice in "China Securities News" the author explained "why the pension market is a big trend." He believes that "now less than 2% of the investment rate of return is too low. Social security funds have to invest in order to overcome inflation." He suggested in an article in the latest account funds and pooled funds should divide and rule.
the National Accounts Fund should be fully entrusted to the National Social Security Fund operations, the overall fund should be entrusted to the new investment institutions.Professor, School of Finance, Renmin University of China Tu Yong told reporters that under the current income is negative, pension funds can invest in, but should pay attention to investment projects. Intervention was welcomed in the organization, they think the pension fund into the stock market will help improve China's current capital market, while boosting the stock market downturn. Supporters argue that the more urgent now is a good time to enter the market, with Gushao Jun,
tn, chairman of CITIC Securities said in an interview that China is in the development stage, the face of this situation sooner the intervention the greater the benefit.Invest in stocks rush into harm than goodHowever, the 1980s on the study of social insurance Qing Zhu has expressed concern that "the money is more harm than good to rush into the stock market,
tn, especially in the context of China's capital market imperfections." He said that although the stock market and the high rate of return far greater than the banks and bonds,
tn, but higher risk, in this case both want high income nor risk, difficult to achieve.According to People's Daily Overseas Edition "misappropriating pension intractable ills makes money is a dream," the article quoted data show that from 2001 to 2010,
tn, the Social Security Fund is not a steady growth in the first three years, the income of social security funds are more than 3% in the stock market contracts Sharp in 2008, the Social Security Fund revenues also homeopathy.Obviously,
tn, the basic pension market risk too dark kept hidden. "Let the old man's life insurance money into the stock market,
tn, if there is risk of how to do " Qing Zhu said. Li Yang.
vice president of China Social Sciences has warned that the pension to enter the capital market is very complex, in turn, capital market volatility may erode their pension functions.Most proponents pensions into the stock market is the international common practice, but Qing Zhu pointed out that in the United States, despite the stock market, nearly 40% of the market value of pension fund holders,
tn, but this is not government-run social pension fund, but the enterprise annuity that China called supplementary pension insurance. Meanwhile, the United States provides the basic pension insurance only buy government bonds, the stock market can not vote. The most noteworthy is that, including Singapore,
tn, Chile and other countries pension market,
tn, by the personal decision to purchase stocks, rather than a unified investment by the agency.Zhu Qingjiang tune,
tn, pensions can enter the market, but not the basic pension market, but the enterprise annuity. The money, the government allowed the market, in January last year, according to revised "enterprise annuity fund management approach",
tn, corporate pension income can not exceed 30% of the stock portion of the net annuity. But in comparison, seemed too little money, by the end of 2010, China had 37,
tn,100 enterprises to establish enterprise annuity, the number of workers participating in 13,350,
tn,000 at the end of the stock of 280.9 billion yuan.In fact.
the Chinese pension constitutes a serious flaw. Former chief economist at Guotai Junan Li Thunder recently wrote that nearly 90 percent less of the pension provided by the government, commercial insurance and corporate pension accounting. Accounted for the balance of the entire pension annuity proportion of less than 10%, the balance of commercial pension insurance is only about 121.5 billion. The U.S. pension depends mainly on businesses, which is five times the total assets of the government pension.Reduce the contribution rate scholar deposit disputeFor the status of this more tangled, Zhu Qing think should not have left so many funds. He said also great controversy among scholars. "The basic old-age insurance payment instructions must be retained so much higher.
and China is a key issue due to lower pension accumulation levels,
tn, due to lower insurance premium rate, so that the two issues are resolved."But ZhengBingWen in the above article that "reducing the welfare losses can only rely on the growth rate of reduction and control of insurance funds,
tn, artificially low level will be maintained in such a way that only two -., Or reduced rate of national unity,
tn, or is to reduce or even abolish the subsidies, but careful study, these two assumptions are not clearly established. "Although the basic mechanism remains the reform of pension investments, the market may be able to increase the value, while the healthy development of the stock market and the need to pursue a long-term pension funds this sound investment, but Zhu Qing citing Professor of Economics at Yale University, Robert Shiller (Robert J. Shiller ) "The New Financial Order," a book, then warned: "A lot of people seem to think that we in the history of financial markets come wisdom is that the stock market will provide long-term annual return of 12%, thus forcing participants to invest Social Security stock market, will effectively resolve the social security system of budgetary issues, which are not financial wisdom,
tn, it simply bet the future of the stock market as luck would have in the past. " Shearer has successfully predicted the U.S. stock market bubble.Last April, Anqing City, issued a "municipal unit party chief.
相关的主题文章：
