Why did the social security fund enter the market?

Hello, the main reason why the social security fund entered the market is that in recent years, the operation mode of bank deposits and bonds has led to a serious shrinkage of the social security fund.

At the end of 20 10, the total assets of five social insurance funds, namely, basic endowment insurance for urban workers, basic medical insurance for urban workers, work injury, unemployment and maternity, were 2,388.6 billion yuan. Among them, 2031900 million yuan was deposited in the special financial accounts of governments at all levels, and1600 million yuan was deposited in the expenditure accounts of social insurance agencies at all levels, 7.51600 million yuan was paid temporarily, 36.9 billion yuan was invested in bonds, 36.6 billion yuan was entrusted for operation and 66.5 billion yuan was deposited by agreement.

According to the current policy, these funds can only exist in banks and purchase government bonds, and the investment scope is narrow. For example, the five social security fund assets mainly exist in the form of bank deposits and bonds, of which 85% are financial account deposits, because financial account deposits, other bank deposits, temporary payments and agreement deposits are all "deposits", accounting for 96.92%, bond investment accounts for 1.54%, and entrusted operating funds only account for 1.53%.

Operational efficiency is low. Caixin New Century calculated the income of five funds from 2004 to 2008 as 1.47% and 1.465438+ respectively according to the Final Statement of Five Funds in China published by the Ministry of Finance. Commissioned operation began in 2007. By the end of 2009, the average annual rate of return of entrusted funds for personal accounts in nine provinces reached 18.9%.

The real negative interest rate leads to the shrinking of insurance funds. From 2004 to 20 10, the CPI was 3.9%, 1.8%, 1.5%, 4.8%, 5.9%, -0.7% and 3.3% respectively. While the one-year deposit rates in the same period are 1.98%-2.25%, 2.25%-2.52%, 2.52%-4. 14%, 4. 14%-2.25%, 2.25% respectively. Since February 20 10, China's real negative interest rate has lasted for 18 months. In July, the CPI even rose to 6.5%, and the difference with the one-year deposit interest rate widened to 3 percentage points.

On 2011April19th, Hu Xiaoyi, Vice Minister of Ministry of Human Resources and Social Security, said at the Seth Forum in Peking University that pension funds were actually shrinking and depreciating against the background of rapid price increase. Hu Xiaoyi pointed out that by the end of 20 10, the personal accounts of basic old-age insurance for urban workers in China had accumulated nearly 2 trillion yuan. Although the accumulated balance of the national endowment insurance fund in 20 10 was10.5 trillion, it did not reach the corresponding personal account. On the one hand, most employees' personal accounts are empty, on the other hand, the existing accumulated funds can't preserve and increase their value, and they are actually in a state of shrinking and depreciating under the background of rapid price rise.

In order to improve the rate of return, the state has adopted some policies and measures, such as giving preferential interest rates to basic endowment insurance funds and basic medical insurance funds in bank demand deposits, allowing commercial banks to make personal accounts for basic endowment insurance, allowing provincial-level social insurance agencies in pilot areas to handle agreed deposit business, and agreeing that nine provinces entrust social security fund councils to invest and operate central financial subsidies for personal accounts.

The rumor that the social security fund entered the market came out on March 20, 20 12. On the same day, the National Social Security Fund Council announced that, with the approval of the State Council, the National Social Security Fund Council was entrusted by the Guangdong Provincial Government to invest and operate the balance of the basic old-age insurance for urban workers in Guangdong Province of 654.38+000 billion yuan. Although only Guangdong is the pilot, it means that the local social security fund has knocked on the door of entering the market, which means that the local social security has taken a key step. It is also reported that the regulatory authorities will further relax control and encourage local governments to improve the rate of return of social security funds. The latest planning scheme is that local social security funds can enter the market in two ways: one is the Guangdong model, which is entrusted to the National Social Security Fund Council for management; One is to choose the social security fund manager by yourself. According to the upper limit of the proportion of the national social security fund entering the market, the proportion of investment equity assets shall not exceed 30%. In this way, after the local social security fund fully enters the market, it will bring at least 600 billion yuan of incremental funds.