There are different opinions about the pension entering the market, but the pension entering the market is inevitable, which is beneficial to the country and the people, but it is necessary to have a sense of risk.

"entering the market" is the most possible way to maintain and increase the value of pensions, but the pension fund is the life-saving money of the masses, so it is necessary to ensure the safe and efficient maintenance and increase of pensions.

The pension market has actually started in many provinces and cities. 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 of the central government have repeatedly mentioned that it is necessary to promote the pension to enter the market. The pace of entering the market may have begun long before hearing the voice.

The entry of pension into the market refers to the securities investment of individual account funds in the basic endowment insurance fund. Investing the pension in the market can not only preserve and increase the value of the pension, but also stabilize the market. However, since the pension belongs to the social security category, there are inevitably risks in investing in the market. Therefore, the entry of the pension into the market has always been a controversial issue among experts and scholars in China, and it has also attracted strong public attention.

At the two sessions held in March 212, the dual-track pension system was questioned, and whether the pension entered the market was controversial again. After that, the problem of pensions entering the market was settled, and Guangdong's 1 billion pensions were confirmed to enter the market.

It's time for the pension to enter the market, but it needs to be monitored and managed. In March 215, with the approval of the State Council, Shandong Province decided to entrust the balance fund of 1 billion yuan of employee pension insurance to the National Social Security Fund Council for investment and operation, and transfer it in batches. The first batch of 1 billion yuan has been transferred, and the rest funds are being collected.

On August 17th, 215, the State Council issued the Measures for the Administration of Investment in Basic Endowment Insurance Funds, which will come into force as of the date of issuance. The management measures stipulate that the proportion of investment in stocks, stock funds, hybrid funds and stock-based pension products shall not exceed 3% of the net asset value of pension funds. At the same time, key state-owned enterprises are restructured and listed, and pension funds can make equity investments.

In fact, there is a solid theoretical basis for the pension to enter the market:

First, it is a common practice and a relatively mature practice for the pension to enter the market and increase its value.

It is an international practice to increase the value of pension. Whether South Korea entered the market through social security or the "41K Plan" of the United States, the value of assets has been maintained and increased, which has brought a lot of return on investment for pensions.

However, despite the positive experience in the world, China has its own national conditions. Pensions involve hundreds of millions of people to provide for the elderly, which is related to the interests of all sectors of society. Therefore, the "investment and operation" of pensions, which has already begun, should be cautious. Therefore, the pension market needs to be monitored and managed by laws and regulations, and implemented and implemented. To ensure the safety of this "life-saving money", "you can only earn but not lose" can be said to be the first harsh bottom line, and you can't risk the life-saving money of ordinary people.

second, the pension market has a long-term positive effect on the healthy development of the stock market.

the development of the stock market needs to accept various types of investments, especially pension funds, which are long-term institutional funds that pursue stability. This has a long-term positive effect on the healthy development of the stock market.

But pension funds should be limited to domestic investment. The investment scope includes: bank deposits, central bank bills and interbank deposit certificates; Treasury bonds, policy and development bank bonds, financial bonds with credit rating above investment grade, corporate bonds, local government bonds, convertible bonds (including convertible bonds with separate transactions), short-term financing bonds, medium-term notes, asset-backed securities, and bond repurchase; Pension products, listed securities investment funds, stocks, equity, stock index futures, treasury bonds futures.

Third, the pension market is an important measure for economic transformation.

China's pension is very large, with a scale of over one trillion. In order to increase the amount of funds in the stock market, especially to enhance the confidence of the stock market, the relaxation of the stock capital access policy also provides a blueprint for other funds to enter the market in the future.

under the background of economic transformation and uneven development of enterprises, banks put a lot of loans into large state-owned enterprises or listed companies, and it is difficult for tens of millions of small and medium-sized enterprises in China to obtain low-cost loan funds through indirect financing channels of banks. As for the direct financing channel dominated by stock market and bond market, it has long been in a pattern of low proportion.

As a result, it is an important measure for economic transformation to increase the amount of funds in the stock market and activate the stock market through the pension.