In the two sessions held in March 212, the pension market has become a hot topic.

Yin Weimin, Minister of Ministry of Human Resources and Social Security, said that the pension balance of enterprise employees in the country is 1.9 trillion, the pension income is about 1.3 trillion, and the expenditure is about 1.2 trillion, with a slight balance.

But the next step is how to preserve and increase the value of pensions. "Entering the market" is the most likely way to achieve it. Hou Ning, an independent financial observer, said at the Weibo that "the pension market may have begun. Pension is a part of social insurance. At present, as the social security fund of the central government, it has already entered the market. Several financial leaders, such as Dai Xianglong and Guo Shuqing, have repeatedly mentioned the need to promote pensions to enter the market. I believe that the pace of entering the market may have begun before hearing the sound. "

During the two sessions, Yin Weimin made it clear that before the whole pension investment and operation plan is determined, individual provinces and cities will be selected for investment and operation pilot, and it will start operation after the two sessions. The news that pensions entered the market has also become a factor affecting the trend of A shares.

Hou Ningfa Weibo said, "There is nothing to argue about when pensions enter the market.

firstly, it is an international practice to increase the value of pension;

second, the long-term investment value of the stock market is prominent;

Third, activating the stock market is necessary for economic transformation.

Internet users are worried about pensions entering the market

But they are more worried about pensions entering the market. Cai Yihong, secretary-general of China International Urbanization Development Strategy Research Committee, asked at the Weibo, "Is it a blessing or a curse for pensions to enter the stock market?"

Regarding the issue of pension entering the market, the focus of questioning mainly focuses on how to lose money when the pension enters the market.

Some members of the NPC and CPPCC National Committee think that the stock market is risky, so they should stick to the principle of safety first, and suggest that pensions should be banned from entering the market. However, some people are more worried about the impact of pensions on small retail investors after entering the market. For example, Weibo, general manager of Shanghai Tongzhu Electromechanical Equipment Co., Ltd. said, "Now China stock market can't let pensions enter the market. Once pensions enter the market, who can match them?" The huge asymmetric position will ensure that the pension will be guaranteed to make a profit; Shareholders will lose even more miserably, even if the pension is lost, it will be the people's money. The value investment nature of the stock market is not perfect, and any capital crocodile entering the market is a disaster for small and medium-sized investors. "

The consultation on the pension market has ended

The public is most worried about the security of pension "stock trading"

Focus 1

Is the pension market to save the market at this time?

Compared with the amount of funds in the stock market of several trillion yuan, the size of the pension market of about 6 billion yuan has little impact

Although the method has given more than 2 pension investment paths, the word "stock market" has received special attention, especially in the recent situation of large stock market fluctuations, the public is most worried about the security of pension "stock trading".

Ma Li, director of Shanghai Housing Provident Fund Management Center, said that the method clearly stipulates that the total proportion of investment in stocks, stock funds, hybrid funds and stock-based pension products shall not be higher than 3% of the fund's net asset value, which means that the proportion of pension funds investing in stock-based products must be controlled below 3%, and the purpose is to control investment risks reasonably.

As the introduction of the measures coincides with the sharp drop in the domestic stock market, many people are worried about whether the pension market entry at this time is a government bailout.

Gao Songfan, chief marketing officer of E Fund Management Co., Ltd. said that compared with the amount of funds in the stock market of hundreds of trillions, the size of the pension fund entering the market of around 6 billion has little impact. "Pension is not used to save the market and support the market. It has no function of saving the market and cannot play such a role."

Bai Zhongen, vice president of Tsinghua University Institute of Economics and Management, said: "The public has a misunderstanding about the market-oriented operation of pensions. Investment is not simply' stock trading', but through diversified asset allocation, fighting inflation and maintaining and increasing value, and ensuring the safety of funds by entrusting professional institutions and supplemented by professional supervision."

Ma Li said that it takes a long time for funds to be collected step by step from local areas, and it is impossible to reach the upper limit of investment ratio quickly, and there will be a process of gradually testing the water. At the same time, even if the investment and operation of pension funds will have a certain impact on the stock market, this impact is gentle and gradual.

Focus 2

Will pensions "reap retail investors"?

The original intention of pension entering the market is neither to be cannon fodder in the stock market nor to earn money from retail investors.

Many people question whether it will "harvest retail investors" in the stock market.

Gao Songfan pointed out that the original intention of pension entering the market is neither to be cannon fodder in the stock market nor to earn money from retail investors.

Gao Songfan said that in actual operation, the scale and timing of funds entering the stock market are not directly operated by the government, but by authorized market institutions, and the securities market has strict regulations on investment, so pension investment will never become a "capital crocodile" for "harvesting retail investors".

"It is wrong to completely oppose pension investment and retail investors." Xiong Hui pointed out that the pension fund is related to everyone's pension money, which is taken from the people and used by the people, including the retail investors in the stock market. Maintaining and increasing the value of pensions through prudent investment operations can benefit all the public.

Wen Hua, a financial researcher at the National University of Singapore, believes that from the experience of foreign countries, more institutional investors entering the market is of positive significance for improving the investment style and stabilizing market sentiment. Pension entering the market will not only reduce the overall risk appetite of the capital market, but also diversify the investment style and orientation. Listed companies no longer just cater to the demands of risk-oriented investors and blindly raise their stock prices, but also strengthen dividends to meet the requirements of institutional investors, so that long-term performance has become the goal pursued by * * *, which is an important force to stabilize the capital market and is also a major positive for the majority of retail investors.

focus 3

what are the directions of pension investment?

Pension operation can be invested in large-scale infrastructure construction and other fields with long-term stable income

Besides the stock market, there are many investment channels for pension. Ma Li said that the endowment insurance fund is the life-saving money of the masses, and the most important consideration is to ensure the absolute safety of the fund, so that there can be no major risks to the life-saving money of the people.

The method clarifies that pensions are limited to domestic investment and mainly include three categories of products, namely, bank deposit products, bond products, stocks and fund products. There are strict restrictions on the proportion of investment in various products. The general principle is that the proportion of low risk is higher and the proportion of high risk is lower.

Ma Li said that pension operation can be combined with the national economic development goals and invested in large-scale infrastructure construction and other fields with long-term stable income.

"The pension fund is a security fund, not a wealth management fund, nor a venture capital fund. It is necessary to increase and maintain the balance of funds, but no matter what you invest, you must adhere to safety first." Chu Fuling, director of the China Social Security Research Center of the Central University of Finance and Economics, believes that it is necessary to clarify the mechanism of security, risk prevention and responsibility.

In this regard, the method clarifies that the trustee shall withdraw the risk reserve according to 1% of the annual net income of the pension fund, and it may not be withdrawn when the balance reaches 5% of the net asset value of the pension fund, which is specially used to make up for the losses incurred in the wealth management of the pension fund. 2% of the management fees collected by the financial management institution in the current period is taken as risk reserve, which is specially used to make up for major financial losses.