Vice chairman of the Commission on the pension market: the need to stabilize the stock market

2016-4-24


China Securities Regulatory Commission Vice Chairman Li Chao22 in the International Symposium on personal pension system and practice 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. The improvement of China's pension system requires both incremental reform and stock reform, in which the incremental reform should focus on the establishment of the third pillar pension system based on individual pension accounts.
In Chao seems, in the three pillar pension system design need to consider three factors: the participation mechanism is inclusive or universality; second payment mechanism follow the principle of voluntary and incentives are sufficient; the third is operation mechanism is transparent and efficient, cost and efficiency advantages, provides a wide range of meet the pension needs of the financial products.
He suggested that the third pillar pension should fully learn from international experience in mature, to the greatest extent will disperse, lack of life cycle planning of pension funds into for the centralized management of funds, through professional operation, enhance national self old age security ability.
At the same time, the fund industry to give full play to the operation of transparent, professional and standardized system advantages, the first to explore and personal accounts match the transparency of the pension fund products and investment operation mechanism.
Released last year in August the basic old-age insurance fund investment management approach ", released March 20163 the National Social Security Fund Ordinance, it can be said, all pensions market investment operation does not already exist policy obstacles.
Li Chao 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 funds can play the advantages of value investment, improve the capital market, speculative and strong volatility of the problem, to promote fair and efficient economic growth. At the same time pension investment is in urgent need of more healthy and stable capital market. He firmly believes that China will be able to establish a sound social security system, and with the capital markets to support each other, healthy development. Li Chao 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 funds can play the advantages of value investment, improve the capital market, speculative and strong volatility of the problem, to promote fair and efficient economic growth. At the same time pension investment is in urgent need of more healthy and stable capital market. He firmly believes that China will be able to establish a sound social security system, and with the capital markets to support each other, healthy development.