建立社保基金投资管理体系的战略思考

20044∗[]1600[]2004120∗2004323212614200118%20%2133016003160020024081GDP10%WTO216008199820021300141719981800111998-2002199824.01200411999175.02000338.02001349.02002408.01294.0200319931.7200128%38%20%[1997]26statebasicpensionearning-relatedpension4SERP21999MIG75754753219999500SERP90002420034QDII2001NPRF20%80%40.9%23%4.4%1.3%10.4%2002GDP16%1997693050-70%30-50%45-65%25-45%0-20%40-60%40-60%NPRF12200038.8%200342.6%201680%2030100%338343402.5%420044121991135104101732004242004251334220%4410175200414131313000120%DB8%DC++-2341OASDI1641DC2DC620032200342003573DCDC411%8%16%8%8%50%8%72004150%100%8%50001528%442%50%DC8888%8%8%4%28%16%8%4%200441/64%2000424%8%48%40002400480020001926%5660%1/3100%85%60%50%40%15%88200411318&20021n231990-20008.1%DBDCDBDC19921700200242232.481992277.920022842.910.2392DB915%-DB10DCDB10-15DB41991CSGContributionsocialegnralise1080330%DB1951100%TFBFILP1120013410GDP80%2/312142GDP28%75%78.32000GDP15%47%27%13310OECD20037310OECD20037912102003729101112711120037137111720037202000476932557554235JNR19647.32/31/3200132.530%70%1420901520014TFB1617903120120GDP24%78.318GDP1000GDP3-400015-25192020031000GDP147119420037157136200371671151211302003717716020037187161200371971132003720200438DBDB562781966CPP201999331CPP30880201998-1999179.5%11.44%21921OECD2003791210500010%112001220551%GDPGDPGDP372003720041&20027200377200372004320042200420043232120043261420037310OECD20037912OECD20037912102003729102004120034200322003420035Title:TheRethinkingandReconstructionoftheSocialSecurityFundsInvestments&ManagementsAdministrationinChinaAbstract:ThepartialfundedschemehasbeenfoundedinChinamorethan10years,butthesurplusofthefundshasnotyetbeenefficientlyinvestedinarightway,quiteonthecontrary,ithasbeenkeptinlocallevelgovernmentsandmisusedandlostverymuch;Ontheotherhand,NSSF(NationalSocialSecurityFund)wentimproperlylastyearintothedomesticfinancialmarketswithmanyuncertaintiesandrisks.Theauthorarguesthatatri-fundsinvestmentschemeshouldbeestablishedinChina:NSSFshouldnotinvestindomesticequitiesmarketsbutgoouttotheinternationalmarkets;theIA(individualaccounts)shouldbeindependentlysplitoutasaIAFundfromthepool,investingtotallyinthedomesticfinancialmarkets;thepoolsurplusbeasaPS(poolsurplus)Fundandshouldleavebothequitiesandtheindustryinvestmentssuchasrealestates,infrastructuresandsocialinvestmentslikeJapan,whohaslosttoomuch,whichcanbecalledEasternInvestment,butshouldbeinvestedintwoquasi-financial-marketsnamelylocal-leveloutstandingbondsmarketstobeconstructed,andaquasi-marketwithcorporatebondsissuedbytheState-ownedbanks,and,inonequasi-credit-marketbetweenthethreefunds.TheauthoralsoarguesthatPSFund’spooledlevelshouldbeupgradedfromthelevelofthecountiesandcitiestothatofthestates,andIAFundandNSSFshouldbedirectlyadministeredbytheState,andPSFundbystatesrespectively.TheinterestsofasuchinvestmentforthethreeFundscancatchupwiththesocialaveragesalarygrowth,andreducethecentralgovernment’sburdenalot,withthereductionofemployers’contributionsfrom20%(specializedforthesocialpool)to8%,andtheleft12%shouldbetransferredtotheIC,whichcanincreasetheamountsforthefinancialmarkets.Keywords:SocialSecurityReform,SocialSecurityFundsInvestment,FinancialMarkets,IndividualAccounts