Of course, it is approved by the state. Social security is managed by professional institutions through bidding and is evaluated once a year. Good institutions will give more money, and poor institutions will reduce the amount or even give it no money.

This is very different from misappropriation. Misappropriation is illegal, which is legal. In addition, this is an investment in the name of social security, but these institutions are required to manage on their behalf. The income from investment goes to social security, and these institutions only charge very low management fees. (much lower than the fund).

Mainly fund companies, as well as industrial funds and overseas investment. Losses are also borne by social security, but because it is diversified investment, one institution loses money and other institutions earn, which is likely to be earned. For example, the previous year's investment in Blackstone lost money, other investments earned more, and the year-end settlement still made money. Even if it is a systemic risk, those who invest in the stock market also lose money, accounting for a small proportion, and a lot of money is still in the national debt. Moreover, according to the national policy, all the new shares issued now are allocated to social security by state-owned shareholders free of charge according to the circulation of 10%. Before the listing of large state-owned shares, social security can get the original shares. Generally speaking, social security investment in the stock market earned too much.