As early as around 2004, the senior officials of the relevant government departments of our country once mentioned the 40 1k plan of the United States, which aroused strong repercussions from all parties, and the reason was that the stock market was depressed at that time. The China version of "40 1k" is actually the "enterprise annuity" being implemented before. The predecessor of enterprise annuity is the enterprise supplementary endowment insurance system established by 199 1, which has a history of 20 years. However, in 2004, the former Ministry of Labor and Social Security issued Order No.20 and Order No.23, which completely reformed its investment operation mode and adopted the DC trust system. Its basic essence, institutional framework and investment mode are almost the same as the "40 1k" in the United States. Some experts agree with China's version of "40 1k" plan. Niu Dao, an independent real estate critic, pointed out that relevant departments are actively studying the related topics of "China Edition 40 1K" to promote the pension and enterprise annuity to enter the market and realize the benign interaction between the pension system and the capital market. This will help to achieve the balance between supply and demand in the capital market, create a "investment-friendly" market and attract long-term funds to enter the market.

Sha Minnong, former deputy editor-in-chief of Modern Express, pointed out that China's huge pension is looking for investment channels, and the stock market is a good place. Once "China Edition 40 1k" is implemented and the compulsory dividend policy is issued accordingly, China stock market will truly become an investment place with medium and long-term investment value!

At the same time, many experts expressed doubts about the China version of the "40 1K" plan. China's version of "40 1K" plan is to realize the preservation and appreciation of national wealth. It is true that the endowment insurance fund maintains and increases its value, but whether it should be realized by entering the stock market is debatable. China stock market is not suitable for long-term investment, so it is prudent to put people's life-saving money into the stock market. It is quite difficult to launch China version 40 1K in a short time. First of all, China's tax system needs major adjustment. In addition, the lack of relevant demand is also an important obstacle. The pension replacement rate between China and the United States is very different. In the United States, it is about 20%, that is, the salary after retirement is only about 20% of normal, so there is a strong demand for supplementary pension insurance. In China, the replacement rate of some enterprises, especially state-owned enterprises and central enterprises, exceeds 40%, so the demand for supplementary pension is insufficient.

20 12 in March, the State Council approved the National Social Security Fund Council to entrust the investment in the basic old-age insurance for urban workers in Guangdong Province10 billion yuan, and the entrusted investment period was tentatively set at two years. After Guangdong takes the lead in the pilot project, Jiangsu, Zhejiang, Shandong and Sichuan may become the pilot provinces of pension entering the market in 20 13. Prior to this, pensions could only be used to buy government bonds or deposit them in banks.

By the end of 20 12, the national social security fund had basically completed the bidding for the investment scheme of social security managers, and allocated funds to enter the newly established investment portfolio.