China Securities Regulatory Commission Vice Chairman: pension market does not exist policy barriers

Pension Securities Regulatory Commission policy obstacle

xinlangcaijing· 2016-04-22 20:12:20

< p > < p > Li Chao detailed pension market: there is no policy barriers he suggested that the fund industry takes the lead in exploring on 22 and individual account (personal choice) to match the pension fund product and investment operation mechanism < - newspaper reporter Zhao Xueyi Zuo Yonggang

4 month, commission vice chairman Li Chao said that the policy barriers does not exist, including basic pension, occupational pension, occupational pension, the national social security fund pension market investment operations.

he made the above statement in the "private pension system and practice international seminar" sponsored by the China Fund Industry Association. < / P > < p > lie / > pointed out that the stabilizer of the powerful pension management system is not only the social development, is also the capital market healthy development of ballast. As the most important long-term funds, pension play to the advantages of long-term value investment, improve capital market speculative and volatility of chronic disease, and to improve the fairness and efficiency of economic growth. At the same time, pension investment also urgently needs a more healthy, stable, and create value for investors in the capital market.

"pension as a safety valve of social stability, in the modern economic and social development play a unique value. On the investment and operation, mature pension through direct or indirect way, to invest in a wide range of national and global long-term payoff ability of assets, the pension in equal enjoyment of the fruits of economic growth, is another form of income equality. "Chao said, pension constantly will current savings part of the transformation for long-term capital, by a professional organization configuration in stocks, bonds, or direct investment in shares or assets of a company, the pursuit of long-term steady income, spontaneous transformation required for economic growth in the long term capital, so as to improve the efficiency of the allocation of financial capital of the whole society.

Li Chao pointed out that China's pension system needs to improve the stock reform and incremental reform, incremental reform should focus on accelerating the establishment of a personal pension account based on the third pillar of the pension system. He proposed to speed up construction of a personal account as the foundation for the third pillar pension system, the individual account according to the accumulation of independent operation and to improve the pay incentive and guarantee level, make up for the deficiency of the first and the second pillar, better safeguard the future citizens of the elderly living standards. < / P > < p > lie / > believes that "the three pillar pension system design needs to consider three factors, one is participation mechanism with Pratt & Whitney; second payment mechanism follow the principle of voluntary and incentives are sufficient; three is the operating mechanism of transparent and efficient, cost-effective advantages, provide a variety of financial products in conformity with the pension demand. Therefore, the three pillar pension should fully learn from international experience in mature, will maximize social scattered, lack of pension funds and life cycle planning transformation for the centralized management of funds, through professional operation, enhance national self old age security ability. "< Li Chao said, the three pillar pension should be for every member of society to provide pension savings, allowing individuals to voluntarily to the account to pay, within a certain limit enjoy preferential tax, personal account code, contribution, investment, extraction and tax information, by the national unified authority management and supervision of account operation relying on the agency's information. < p > he believed that he could serves to the personal account unified by the approval of investment products, implementation of lower rates, option open to individuals, promoting pension products in the market competition, the establishment of pension management institutions and pension products regulatory mechanism.

Li Chao stressed that the fund industry to give full play to the operation of transparent, professional and standardized system advantages, the first to explore and personal accounts (personal choice) to match the pension fund products and investment operation mechanism. After years of research and the social from all walks of life unremitting impetus, August 2015 the basic old-age insurance fund investment management approach "has been promulgated; March 2016 the national social security fund regulations" has been released, policy barriers does not exist, including basic pension, occupational pension, occupational pension, the National Social Security Fund pension market investment operations. < / P > < p > lie / > said in the pension investment management, China already has a better starting point, the National Council for social security fund market, professional operation has made very good experience and can be used for reference. In the development of the third pillar, China has no historical burden, can avoid the path dependence, play the advantage, in the draw on the basis of the experience of countries to build their own investment management system.

Li Chao pointed out that for the fund industry, the construction of the third pillar pension system will provide an important opportunity for the healthy development of the industry, from two aspects of investment operation mechanism and investment products to make a forward-looking design. In terms of investment and operation mechanism, to systematically consider pension requirements of organizations, internal governance, synthetic wind gauge control, performance and other aspects of the standard and positive self transformation, take the initiative to match the characteristics and needs of the pension and the establishment of pension investment professional standards and the culture of investment. In terms of pension investment products, to develop a professional, professional pension investment management tools, fit the needs of pension holders of the risk of income.

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