Generally speaking, the social security fund that invests in the stock market refers to the national social security fund. In August 2000, the CPC Central Committee and the State Council decided to set up a national social security fund, and at the same time set up a national social security fund council to manage and operate the national social security fund.

201010/On October 28th, Article 71 of the Social Insurance Law of People's Republic of China (PRC), adopted by the Standing Committee of the 11th NPC, stipulates that the state shall set up a national social security fund, which shall be raised by the central government and other means approved by the State Council to supplement and regulate social security expenditure. The national social security fund is managed and operated by the national social security fund management and operation organization, and the value is maintained and increased on the premise of ensuring safety.

The endowment insurance we are discussing now refers to the endowment insurance fund for enterprise employees managed by various provinces and cities. The composition of the fund mainly comes from the endowment insurance premium paid by enterprises and individuals, bank interest and financial subsidies from local governments. At present, only a few provinces and cities have put some pension funds into the stock market.