loans to others, guarantees and foreign investments. According to the Measures for the Administration of Investment in Basic Endowment Insurance Funds, pension funds are limited to domestic investment, and no loans, guarantees or foreign investments are allowed. 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. At the same time, pension funds can participate in investment in major national projects and major projects through appropriate means.