1、标题格式：国际货币基金组织（IMF）：中国养老金体系的治理与基金管理(英文)
    2、内容格式：
      【出版时间及名称】：2009年
      【作者】：IMF
      【文件格式】：pdf
      【页数】：51页
      【大小】:1.29M
      【目录或简介】：
IMF Working Paper
Monetary and Capital Markets Department
Governance and Fund Management in the Chinese Pension System
Prepared by Gregorio Impavido, Yu-Wei Hu, and Xiaohong Li1
Authorized for distribution by Inci Ötker-Robe
November 2009


Contents Page
Glossary ....................................................................................................................................4
I. Introduction ............................................................................................................................5
II. Brief Description of Current Social Security Arrangements ................................................6
III. The Basic Old Age Insurance System .................................................................................9
IV. The National Social Security Fund (NSSF).......................................................................11
A. Institutional Structure and Fund Governance .........................................................12
B. Sources of Funds .....................................................................................................16
C. Investment Policy Objectives and Asset Allocation ...............................................17
D. Implementation of the Strategic Asset Allocation and Performance......................20
V. The Enterprise Annuity System ..........................................................................................28
A. Size and Performance of the Enterprise Annuity System .......................................29
B. Governance Framework in the Enterprise Annuity System....................................31
VI. Conclusion .........................................................................................................................35
A. The Basic Old Age Insurance System.....................................................................35
B. The National Social Security Fund .........................................................................36
C. The Enterprise Annuity System ..............................................................................37
Reference ................................................................................................................................39
Tables
1. Key Design Features of the Chinese Pension System ...........................................................8
2. National Social Security Fund—Source of Funds...............................................................16
3. Total Assets of Select Demographic Buffers (Percent of GDP)..........................................17
4. National Social Security Fund—Domestic Strategic Asset Allocation...............................18
5. National Social Security Fund—Foreign Strategic Asset Allocation..................................19
6. National Social Security Fund—Increasing Use of Outsourced Asset Managers...............20
7. National Social Security Fund—Internally Managed Portfolio...........................................20
8. National Social Security Fund—Foreign Investment Mandates (2006)..............................22
9. National Social Security Fund—Foreign Investment Managers (2006)..............................23
10. National Social Security Fund—Custodians (2008)..........................................................23
11. National Social Security Fund—Gross Investment Performance......................................24
12. National Social Security Fund—Investment Performance of Assets Managed Internally25
13. National Social Security Fund—Expenses ........................................................................26
14. Comparison of Operating Costs—Select Funds ................................................................27
15. Evolution of the Enterprise Annuity System Market.........................................................29
16. Nominal and Real Returns in the Enterprise Annuity System—2006–2008.....................29
17. Minimum Capital Requirements for Enterprise Annuity System Providers .....................32
3
Figures
1. Coverage of the Chinese Pension System..............................................................................7
2. National Social Security Fund—Governance Structure ......................................................12
3. Pension Fund Returns in Selected OECD Countries (January–October 2008) ...................30
Appendices
I. Key Design Parameters of the Basic Old Age Insurance system .........................................42
II. Reliance on Proceeds from IPO to Fund Pension Liabilities..............................................44
III. Regulatory and supervisory architecture for the EA system. ............................................46