A Stronger Safety Net
Social security funds turn to innovative investments to build future reserves By Li Xiaoyang
A s China’s population ages and the workforce shrinks, there will be a greater demand for funds to finance more social security benefits. It is estimated that by 2025, the number of people aged 60 and above will reach 300 million. By 2050, the money spent on elderly care-related services and facilities will account for 26.24 percent of the GDP,according to a blue paper on the health of seniors released by the Chinese Aging Well Association and Social Sciences Academic Press (China) in January. In 2015, the figure was 7.33 percent.
柴油机活塞上行过程中，压缩压力大小主要受进气工况、进气阀关闭滞后和燃烧室气密性(气阀密封性、活塞环与缸套气密性等)等影响。压缩终点压力的降低会影响柴油机燃烧性能，尤其是低转速低负荷区域的发火性能。
Faced with the need for more funds,the National Social Security Fund (NSSF),the reserve fund established in 2000 to supplement and adjust social security spending such as pension benefits during the peak of population aging, has stepped up judicious investments in recent years and maintained a stable performance.
The NSSF, with more than 2.22 trillion yuan ($331 billion) in assets at the end of 2017, gets its money from allocations by the Central Government, the transfer of state-owned capital, investment proceeds and capital raised by other methods approved by the State Council, China’s cabinet.
双乙烯酮中控分析中样品含高聚物较多，且聚合物的聚合度不同，水解性能差别也较大，在一定程度上影响了滴定分析的结果判定，所以双乙烯酮的手工滴定分析方法存在一定的局限性，该方法所得双乙烯酮的含量能准确反映样品的真实情况，但所得醋酐的含量因受方法的限制存在明显偏差。所以，双乙烯酮的中控分析中，若要准确反映样品中醋酐的含量，仍需结合色谱分析，为防止样品中的固态物质堵塞色谱柱，应对样品进行必要的蒸馏预处理。
从题材的选择和诗歌风格来看，戴望舒的诗歌创作可以分为三个时期:第一个时期以《雨巷》为结点，作品主要收录在出版于1929年的《我底记忆》中;第二个时期以他举家搬去香港为界，作品主要收录在出版于1933年的《望舒草》及出版于1937年的《望舒诗稿》中;第三个时期到他逝世结束，作品主要收录在出版于1948年的《灾难的岁月》中。他的爱情诗主要集中于他诗歌创作的第一、第二时期，且他那些带有青色的诗歌也大多出现于这两个时期，可见，他诗歌中的青色与他坎坷的爱情经历及独特的爱情体验不无关系。
In 2015, the NSSF made its first investment in an innovation-oriented private enterprise. The recipient was Ant Financial,an affiliate of e-commerce giant Alibaba.“This indicates that it actually favors new business models and has a keen interest in participating in the development of such startups to share the growth,” Wang said.
Putting eggs in many baskets
Today, the NSSF has become the largest limited partner in the country. Still there is a huge potential for growth. In 2017,the NSSF’s investments in private equities represented only 2 percent of the assets it managed, far below the government imposed cap of 10 percent.
“Market-oriented and diversified investment of the pension fund will increase its gains… and promote social entrepreneurship,” Jin Weigang, head of research with the Ministry of Human Resources and Social Security, said.
4.3 采购申请统计 采购申请统计可按科室或设备种类对指定日期内所提交的设备采购申请目前的状态进行统计，采购申请统计的运行界面见图6。
The investments are made either by the SSF or are entrusted to external managers. As the fund manages more assets, the proportion of its entrusted investment—investments made through external managers—has also grown, along with the returns. By the end of 2017, the fund’s direct investments had exceeded 941 billion yuan ($140 billion). Mandated investment also reached about 1.2 trillion yuan ($179 billion), according to official data.
China’s social security system consists of five mandatory schemes—pension fund, basic medical insurance, work injury insurance, unemployment insurance and maternity insurance. Both employers and employees are required to contribute to the pension fund.
According to Wang Zhongmin, former Vice Chairman of the National Council for Social Security Fund (SSF), which manages the NSSF, the fund’s investment returns had snowballed to over 1 trillion yuan ($149 billion) by 2018, representing about 40 percent of total managed assets.
This investment has become one of the fund’s largest sources of profit, according to Wang. The estimated value of Ant Financial was $30 billion when the fund invested in it. The figure has now skyrocketed to $160 billion. Wang said the boom in Internet finance will increase the value of Internet-based financial institutions and contribute more to the fund if it invests in them.
A woman checks her social security benefit statement at an administrative service center in Quanzhou, southeast China’s Fujian Province, on September 11, 2018
Traditionally, social security funds in China were deposited with banks or used to purchase treasury bills. However, their annual yields ran the risk of falling below the market average and depreciating due to in fl ation. To transform idle funds into more reserves, the NSSF expanded investment in a variety of financial products, including stocks and trust loans, by combining direct and mandated investment. The targets range from finance companies to enterprises focusing on green development.
Venturing into stocks
On April 4, the State Council announced that employers’ contributions to urban workers’ basic pension insurance would be reduced from 20 to 16 percent starting on May 1. The new policy will cut pension insurance contributions by more than 190 billion yuan ($28.3 billion) by the end of 2019, You Jun, Vice Minister of Human Resources and Social Security, said at a news conference.
根据语言输入与输出理论，英语学习者必须要在获得大量可理解的语言输入（听与读）的前提下，经过知识的内化过程才能进行有效的语言输出（读与写）。在以教师的讲授为中心、以课堂教学为唯一授课途径的传统英语教学模式下，教师在有限的课堂教学时间内主要通过讲解知识点的方式完成知识的传授，学生在课后缺乏教师指导的巩固知识的过程也是知识内化的过程，这种单一的教学模式由于缺乏足够量的语言输入与输出量，导致了英语教学出现费时低效的局面，无法适应社会对学生提出的人才标准要求。
While it is good news for enterprises that are feeling the downward pressure on the domestic economy, there are also concerns that it could lead to a reduction in the pension fund as the costs of senior care rise.official data showed the elderly population in China reached over 249 million in 2018, 17.9 percent of the population.
The NSSF has directly invested in somefinancial institutions and leading enterprises in hi-tech materials and new energy sectors. Private equities are also rising to a key target of the direct investment.
It is a heavyweight institutional investor in China’s primary A-share market, in addition to investing in bonds and other financial instruments. It has been at the center of industrial attention for the fund’s investment options, returns and standards for choosing private equities, especially after it successfully weathered several bear markets and seized the opportunities to buy the dips—purchasing shares after their prices drop.
In pursuit of long-term returns, the NSSF’s investments are prudently made to avoid risks. The fund mainly invests in shares of large companies for steady gains, especially those in the banking,pharmaceutical, chemical, electronics and food industries. Except for 2008, when the global financial crisis erupted, the fund has generated considerable returns every year. The average annual investment yield since its inception in 2000 has been 8.44 percent.
A recent report by the Chinese Academy of Social Sciences forecasts that the state pension fund is likely to reach its ceiling by 2027 and run dry by 2035 due to the shrinking workforce.
To address the disparities between income and spending, national unified management of the pension insurance scheme is needed, Zhao Yaohui, a professor at the National School of Development,Peking University, said.
As a step in that direction, this year, the government will support more provinces and cities to entrust the NSSF with managing their pension funds.
晚餐自然又是阿东动手。母亲在时，阿东也没下过厨。但阿东有阿东的本事。他打开电脑，查询他的菜应该怎么做。网上什么都有。每一步骤都很清楚。阿东叫过阿里，让他看网上图片，说：“你想吃什么？直管点!”
The Central Government has formulated a series of measures, including increasing the transfer of state-owned capital to the NSSF, to ensure full and on-time payment of the pension, said Nie Mingjun,an official with the Ministry of Human Resources and Social Security (MOHRSS),on April 23.
In some regions, pension funds have been allowed to invest in the stock market.Mandated investment of pension funds of 17 provinces, autonomous regions and municipalities reached 858 billion yuan($128 billion) by the end of 2018. However,the gains are still inadequate to fill the gap caused by social security fee reductions, Lu Aihong, a spokesperson for the MOHRSS,told a press conference.
Copyedited by Sudeshna Sarkar
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标签：Social论文; security论文; INNOVATIVE论文; Future论文;