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Although the annual yield of the National Social Security Fund (hereinafter referred to as “Social Security Fund”) fell to a low of 1.7 percent due to the sharp drop of A shares in 2016, but this does not deny its good performance of winning inflation over the years. According to the data of the National Social Security Fund Council (hereinafter referred to as the “social security Foundation”), at the end of 2016, the total assets managed by the Social Security Foundation were 2042.755 billion yuan. In the past three years, the cumulative investment income of the social security fund reached 403.318 billion yuan, with an average annual investment return rate of 9.37 percent. Lou Jiwei, chairman of the Social Security Foundation, said in his report at the first meeting of the Sixth Council meeting that the investment scope of the social security fund would be further expanded in 2017, and promote the improvement of the implementation plan of transferring some state-owned capital to enrich the social security fund to be introduced on schedule. Social security fund exceeded 2 trillion In order to cope with the pension payment gap brought by aging, the State Council established the “national social security fund” and the “National Social Security Fund Council” in August 2000 “. Social security fund belongs to “national strategic reserve money”, which is composed of funds such as central financial budget allocation, state-owned capital transfer, fund investment income, etc, individual contributions constitute different social insurance funds. Although it is not the money paid by ordinary people themselves, it can still be called the “reassurance” in the field of people’s livelihood “. Starting from the initial financial allocation of 20 billion yuan, the scale of the social security fund has expanded by about 100 times in 16 years. According to the data released by the Social Security Foundation, by the end of 2016, the total assets managed by the Social Security Foundation were 2042.755 billion yuan, an increase of 801.158 billion yuan and an increase of 64.53% compared with the beginning of 2014. Among them, fund equity was 1949.234 billion yuan, an increase of 756.456 billion yuan compared with the beginning of 2014, an increase of 63.42 percent. Among the total fund equity, national social security funds equity is 1604.767 billion yuan, individual account fund equity is 118.122 billion yuan, and local entrusted fund equity is 226.345 billion yuan. In the past three years, the investment income has reached 403.318 billion yuan, with an average annual investment return rate of 9.37 percent. In the case of a sharp drop in the domestic stock market in 2016, the total investment income of the social security fund was 31.318 billion yuan, with a yield of 1.70 percent. Among them, the achieved income was 90.588 billion yuan, with a yield of 5.38 percent. The first financial reporter learned that the gap between the realized income and the actual rate of return showed that the social security fund was affected by the sharp drop in the stock market in some investment fields in 2016, but overall, the social security fund still keeps the rate of return positive. Lou Jiwei said that in the low return and multi-fluctuation market environment, this year he will study and carry out long-term value, high dividend and other preferential investment strategies. Continue to promote broadening the investment scope of social security fund and enriching investment tools. Plus-sized research efforts on equity parent funds (that is, funds invested in equity funds) seek to initiate the establishment of parent funds to invest in pension, medical care, health and other industries. In this year’s investment map of social security fund, direct equity investment also occupies an important position. Lou Jiwei said that direct equity investment should focus on finding high-quality locally-administered state enterprises and private enterprise projects. In terms of overseas investment strategies, it will further enrich the chain of overseas fixed income products and timely increase the investment scale and allocation ratio. Pension “entering the market” is safe and guaranteed Specifically, the social security fund consists of three parts. The largest part is national social security funds rights and interests, that is, the strategic reserve fund prepared for the future basic pension gap. The second part is personal account rights and interests, that is, the funds of personal accounts in 9 provinces and cities entrusted by the Council of Social Security Fund, and the third part is the local endowment insurance fund entrusted by the local funds. The third part of the fund disclosed at the above meeting, “226.345 billion yuan of local entrusted capital rights and interests”, refers to the principal and income of Guangdong and Shandong respectively taking out 100 billion yuan of pension for market-oriented investment in the past three years. By the end of 2016, the entrusted investment contract of 100 billion yuan pension fund signed with Shandong province at the beginning of 2015 had all been transferred to the account for operation. Since this year, the marketization operation of basic pension has entered a stage of substantive operation. According to data from the Ministry of Human Resources and Social Security, as of the end of March, Beijing, Shanghai, Henan, Hubei, Guangxi, Yunnan, Shaanxi and other seven provinces (autonomous regions and municipalities) the government signed an entrusted investment contract with the Social Security Foundation. The total amount of the contract was 360 billion yuan, of which 137 billion yuan had been received and started to invest. Other funds would be put in place in batches and years according to the contract. Lou Jiwei said that there will be a big difference between the expected return rate of pension funds and reserve funds in the future, and the expected return rate of pension funds will be lower than that of reserve funds under high probability. This is because the pension fund is a phased balance, with high liquidity requirements and low risk tolerance. Each entrusted province requires a guaranteed return rate, which is more cautious in investment and operation. Lou Jiwei said that compared with reserve funds, pension funds focus on fixed income products and cannot invest in overseas assets and private equity funds, and the proportion of investment in stocks and other assets is also relatively low. Therefore, the security of pension funds is more guaranteed, but the expected return rate will be correspondingly lower. The transfer of state-owned assets requires actuarial first In the next three years, one of the important tasks of the Social Security Foundation is to expand and strengthen the strategic reserve fund and the scale of entrusted management. The key one is, promote the improvement of the implementation plan of transferring some state-owned capital to enrich the social security fund, and strive for the introduction of the plan as soon as possible. In 2013, the Third Plenary Session of the 18th CPC Central Committee clearly proposed, “transfer some state-owned capital to enrich the social security fund”. In the 2016 government work report, Premier Li Keqiang of the State Council explicitly proposed for the first time that “the measures for transferring some state-owned capital to enrich the social security fund” should be formulated “. At the NPC and CPPCC this year, Li Keqiang clearly stated in the government work report that this year we should “steadily promote the reform of the old-age insurance system and transfer some state-owned capital to enrich the social security fund”. As one of the important policies for the top-level design of old-age insurance, the road map of “transferring some state-owned capital to enrich social security funds” is taking shape. Lin Zhifen, a professor of public management at Nanjing University of Finance and Economics, told First Finance and Economics that the premise of transferring some state-owned capital to enrich the social security fund was to carry out actuarial calculation on historical debts, and the responsibilities should be clearly divided, the gap should be calculated clearly, so as to ensure that the transfer is scientific. Lou Jiwei said that this year, according to the reform direction of China’s old-age insurance system, based on the actuarial balance and the actual state-owned capital stock, he will fully cooperate with the Ministry of Finance to improve the implementation plan of transferring some state-owned capital to enrich the social security fund, promote the implementation plan of transfer on schedule. At the same time, the social security foundation should promptly study the management mode and operation mechanism after the transfer of state-owned capital with relevant departments to improve the management and operation efficiency of state-owned capital and promote the sustainability of social security in our country. 3002 Although affected by the sharp drop of A shares in 2016, the annual yield of the National Social Security Fund (hereinafter referred to as “Social Security Fund”) dropped to a low of 1.7%, but this does not deny its good performance of winning inflation over the years. National Social Security Fund

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