In 2000, the State Council promulgated the "Pilot Program for Improving the Urban Social Security System", which clearly stipulated: "Conditional enterprises can establish enterprise annuities for their employees and implement market-oriented management." This is the first time that China has put forward the concept of enterprise annuity and related systems and policy arrangements in national documents. 1. Enterprise annuity should become the second pillar of the old-age insurance system in China. At present, there are still a considerable number of employees or non-agricultural personnel in China who need to rely on families or other "non-basic old-age insurance systems" to solve the problem of old-age care. Supplementary pension plans such as enterprise annuities will have great development space in China. Two. The development and main problems of enterprise annuity in China can be divided into two types: industrial enterprise annuity and local enterprise annuity. Some local trade unions have "established pension funds with the nature of mutual assistance for employees". Industrial enterprise annuity is usually a supplementary endowment insurance established by some large and medium-sized state-owned enterprises for employees. Such as electric power, petroleum, civil aviation and other industries 1 1 have established industry enterprise annuities. Supplementary endowment insurance established by enterprises other than the above is a local enterprise annuity. Third, the development idea of enterprise annuity 1. Design enterprise annuity system according to "three pillars" model. In the process of social security system reform in China, we try to design a "multi-pillar" partial accumulation system model. Liaoning's pilot reform, which began in 2000, was carried out in accordance with the "three pillars" model approved by the World Bank. Focus on improving the basic old-age insurance, so that the personal account funds in the basic old-age insurance are truly separated from the social pooling account. 2. Accelerate the establishment of occupational annuity system for civil servants and employees of state-owned institutions. Establishing occupational annuities for employees can not only promote the reform of the pension system in government agencies and institutions, but also provide a supplementary annuity with increasing value through market-oriented operation, which plays a role in promoting reform and stabilizing the ranks. 3, gradually realize the basic old-age insurance personal account and enterprise annuity account integration and unification. At present, there are some problems in the personal account of basic old-age insurance, such as unclear government functions, chaotic relationship between enterprises and individuals, and imperfect supervision system, which makes it difficult to make market-oriented investment. The integration of employee personal account and enterprise annuity account is helpful to save management cost and improve supervision efficiency. Four. Policy suggestions for promoting the development of enterprise annuity 1. Take appropriate measures to gradually reduce the level of basic old-age insurance benefits. Under the trend of population aging, the basic old-age insurance is facing a huge financial deficit and institutional crisis. It has become the consensus of all countries to reduce the level of national endowment insurance and strengthen the role of enterprise supplementary endowment insurance and personal savings endowment insurance. 2. Improve the supporting policies for the development of enterprise annuity. At present, the establishment of enterprise annuity in China is mainly state-owned enterprises, and the occupational annuity of civil servants and employees of public institutions should be treated equally. In the long run, the enterprise annuity of private enterprises should become the main body of the occupational (enterprise) annuity system. Chinese and foreign financial institutions engaged in pension fund business should be treated equally in taxation. 3. Further improve the enterprise annuity system. In terms of qualifications, classified management is implemented, and all enterprises participating in basic old-age insurance can decide whether to establish enterprise annuities. Those who do not participate shall be freely decided by enterprises and employees. On the host, the enterprise should be identified as the host. 4. Improve the awareness and ability of risk prevention. The function of savings pension fund lies in its high investment income. High returns also have high risks. Fund managers and supervisors must improve their awareness and ability of risk prevention. 5. Accelerate the reform of enterprise annuity management system and establish a supervision system that meets the requirements of market-oriented investment. The establishment of a supervision system that meets the requirements of market-oriented investment requires effective supervision and management from establishment to investment direction, risk control and income distribution. (The author is deputy director of the Scientific Research Bureau of China Academy of Social Sciences)