Guangdong's 100 billion pension commissioned into the market

Guangdong 100 billion pension entrusted "entering the market"

The first in the country; the National Council for Social Security Fund is entrusted, will be more allocated to fixed-income products, the commissioned investment period tentatively two years this report (Reporter Li Lei) hotly debated pensions into the dust settled . The National Council for Social Security Fund issued a message yesterday and said that upon the approval of the State Council, the Social Security Fund Council was commissioned by the Guangdong Provincial Government to invest and manage RMB 100 billion in funds for basic pension insurance for urban employees in Guangdong. This is the first time in the country.

It is reported that the National Council for Social Security Funds and the Guangdong Provincial Government signed a commissioned investment agreement in Beijing on March 19, and the funds will be allocated in batches, and the commissioned investment period is tentatively set for two years. The Social Security Fund Board stated that it will adhere to a more prudent approach, adding more funds to fixed-income products to ensure that the fund will maintain its value and increase its value.

A brokerage firm said that the new funds are more allocated to fixed income products, indicating that there will be a small part of the stock market, the impact of the stock market mainly through psychological expectations, and the real impact is more debt market. The Social Security Fund Council adopted this type of investment mainly for the sake of security and reducing risk. After all, the pension is the life-saving money of the people.

According to data from the National Council for Social Security Funds, during the 11 years from 2001 to 2011, the National Social Security Fund realized a total investment income of 284.7 billion yuan, and the average annual rate of return was 8.41%, which was 6 percentage points higher than the inflation rate over the same period.

■Expert opinion: “The pension lost over 130 billion in two years”

Zheng Bingwen, director of the World Social Security Research Center of the Chinese Academy of Social Sciences, said yesterday that the transfer of some basic pension insurance funds from Guangdong to social security investment operations is also a reform, as long as the reform is better than stagnation.

With regard to the idea that “pension is the life insurance for the people and should not be put into the stock market to withstand greater risks”, Zheng Bingwen does not agree. “Every year we let the pension loss be justified, that is, we are responsible to the people? We don’t invest in value-added operations, and we are not responsible for the people.” Zheng Bingwen said.

According to his calculations, last year's CPI was 5.6%, and the pension fund's yield was less than 2%. Last year's pension loss was as high as 100 billion. In 2010, the CPI was 3.3%, and the pension yield was still less than 2%. In that year, the pension loss was more than 30 billion. Pensions lost more than 130 billion in two years.

Zheng Bingwen said that pension funds entering the stock market should carry out long-term investment and value investment. From the experience of the European and American markets, if pension funds are put into the stock market for 20-30 years, the general yield can exceed 7%.

“The time spent by the central government for the unified management of specialized agencies will be longer, and other provinces will continue to follow the example of Guangdong. It is recommended that the national pension should be handed over to the central government by a dedicated agency for unified management. If the operation plan is put on hold for a short time, then Guangdong is likely to be the first case and it will be the last case.” Zheng Bingwen said.

"Added an important main force to the stock market"

British Lida Securities Research Institute Director Li Dazhao (Weibo) yesterday believed that local pension funds were entrusted with social security funds to enter the market, opened up the channel for pension investment in stocks, increased the power of the buyer, was of great interest to the market, and its mode of operation could be other. The provinces follow suit.

Li Dazhao believes that leaving the capital market, it is difficult to find a more ideal way to preserve and increase the value of an increasingly large pension, such as the United States pension is 200% of its GDP, China's current number is small but will gradually increase, social security The successful operating experience of the fund is a good reference for pensions. Since then, the dilemma of changing the yield rate of local pensions for less than 2% for ten years has also added an important main force to the stock market.

Li Dazhao said that pensions as a strong buyer entering the market can change the inertia of market-oriented financiers, rebalance the financing and investor power, increase demand for blue-chip stocks, enhance corporate governance, promote shareholder returns, improve shareholder culture, and shape long-term investment value. The investment climate and orientation of investment gradually change the market's speculative habit of chasing bad children, and quality companies will gradually gain favor and promote a virtuous circle in the market. Reporter Li Lei National Social Security Fund Balance (As of the end of 2011, the cumulative total of five social insurance funds totaled 2.87 trillion yuan)

Explanation: According to the data released by the Ministry of Personnel and Social Security in January 2012, the current balance of China's basic pension insurance fund is 1.92 trillion yuan, which is broadly divided into basic pension insurance, supplementary pension insurance, commercial insurance, and personal savings.

The current discussion of market entry mainly refers to the basic pension insurance that is managed by local governments. This is the largest proportion of pension funds. According to the "Economic Observer (microblogging)" news, the basic pension fund managed by the local government in China keeps rolling, and the balance in 2011 or more than 1.8 trillion yuan.

Previously, supplementary pension insurance and basic pension insurance managed by the Social Security Fund Board had already invested in the securities market. The annual return rate of the National Council for Social Security Funds in the capital market from 2000 to 2010 was 9.17%.