人社部迴應養老金何時入市:年內就可以啓動
China's pension fund may begin investing in the nation's A-share markets this year, an anticipated move that will channel approximately RMB600b into the equity market and likely improve its liquidity.
我國養老金"入市"或在今年啓動，這一備受期待的政策將向股市注入約6000億元的資金，很可能改善A股市場流動性。The target date comes several months after China's State Council published an investment guideline that would allow the country's pension fund to invest in more diversified and risker products, with the maximum proportion of investments in stocks and equities set at 30 percent of total net assets. As of last Friday, the nation's A-share markets' combined value totalled about 44 trillion yuan.
中國國務院公佈的投資指導方針指出，將允許該國的養老基金在更多元、風險更高的產品上投資，其在股票投資的最大比例定爲總資產淨值的30％，幾個月後將會制定實施的目標日期。截至上週五，國內A股市場的總價值約44萬億元。China's pension fund, which accounts for approximately 90 percent of the country's total social security fund pool, had net assets of 3.98 trillion yuan by the end of 2015. By the end of last year, total investible pension fund nationwide reached approximately 2 trillion yuan, according to data from the Ministry of Human Resources and Social Security.
中國養老金，約佔全國總社保基金池的90％，截止2015年底已有的3.98萬億元的淨資產。據人力資源和社會保障部的數據顯示，截至去年年底，全國可投資養老金的總額達到了約2萬億元。
Yin Weimin, the minister of Human Resources and Social Security, said last week: "Detailed guidelines about how the investments will be conducted are expected shortly and the investments will be made through commissioned institutional investors."
人社部部長尹蔚民上週表示：“養老金"入市"的相應細則預計將很快出臺，養老金將通過委託機構投資者投資股市。”According to a survey by the Shenzhen Stock Exchange, which polled 3,874 small investors from 219 cities around China, more than 77.5 percent of respondents said they had been anticipating the pension fund investments.
據深圳證券交易所表示，他們抽取來自中國各地219個城市的3874名中小投資者調查，超過77.5％的受訪者說他們一直期待着養老金投資The move is expected to not only benefit the equity market but also the pension fund itself, because yields from investing in equities are normally higher than that from treasury bonds or interest rates from bank accounts.
此舉預計將不僅有利於股市，而且利於養老金本身，因爲股票投資收益通常比國債或銀行利率更高。Critics have said that the low yields earned from bank accounts or bonds will not meet the increasing demands of a rapidly growing elderly population.
不過批評者表示，低收益的銀行賬戶或債券不能滿足快速增長的老年人口的不斷增長的需求。Researchers said it will take time for all the investible portion of the pension fund to become fully injected into the equity market.
研究人員表示，可投資的那部分養老金全部注入股市尚需時日。South China's Guangdong province reportedly accrued a combined yield of 17.34 billion yuan from a 100-billion-yuan investment.
據報道，中國南方的廣東省累計從1000億人民幣的投資中彙集了173.4億元的收益。Once channelled into the equity market, the large sum of capital will boost market sentiment over the short term, add to the number of institutional investors and help build a market with more value investment and less event-driven speculation, said Li Daxiao, chief economist at Yingda Securities Co.
英大證券有限責任公司首席經濟學家李大霄表示，一旦引流入股市，大筆資金會在短期內刺激市場反應，增加機構投資者的數量，並幫助建立一個更有價值的投資和較少事件驅動型投機行爲的市場。
