Pension Fund In China, Operating Mechanism And Regulatory Countermeasures Research

The social insurance fund is the base of the social insurance system of a country. While great progress has been made, in the past few years, in the process of our social insurance fund, we are still faced with tremendous pressure looming large gradually. On the one hand, we are now in a society with an aged population, which decreases the relative supplies and increases the relative and the absolute disbursement, thus making the revenue and expenditure of the social insurance fund in a pessimistic situation. On the other hand, since the government does not make explicit the provenance of stipulating in the reform of the social insurance fund, a recessive debt problem has appeared, causing an empty individual account and the accumulation can hardly be formed. In order to guarantee the normal operation of the social insurance system, we must not only keep the amount of the social insurance fund, but realize the increment. After the gradual accumulation of the individual account fund, it is our great task to operate, supervise and manage this very fund.Based upon the present situation of our old-age insurance system, this article deals mainly with characteristics of the old-age insurance system and underlying reasons for the reform of the insurance system. It still launches a concrete analysis to the current investment and existing problems in our old-age insurance fund. Owing to restrictions of systems, we now have such problems as a narrow investing channel and an inefficient operation, which, as a matter of fact, mean depreciation of the social insurance fund. Moreover, this article also brings in theories of property right and company-operating, and demonstrates a contrast research into the investing and operating patterns of old-age insurance fund in Chilean, Singapore, TSP of the US. The company-operating pattern , according to overseas experience, is also introduced to our old-age insurance fund, forming the following pattern of our own: taking the individual account owner as the investor, treating the foundation as the organization investor, looking on the bank as the supervisor of the fund, and the company being in charge of the fund investing and operating. Profiting from various successful practices abroad, this article offers a balanced multi-level pattern, which centers round the social security surveillance committee. Then, finally, it provides feasible policies and suggestions on the construction of a complete fund-operating, the mechanism of supervising and managing, and the sustainable operation of the old-age insurance fund.The prominent characteristics and innovation of this article are as follows: (1) Analyzing the present situation of our social old-age insurance fund by comparing patterns of fund-operating abroad; (2) Analyzing patterns of fund-operating of our old-age insurance ,according to the frame of company-managing, and providing the following pattern: the individual account owner—the foundation—the investment pattern of the fund company—the balanced multi-level pattern; (3) Providing feasible policies and suggestions on the sustainable operation and supervision . All these policies and suggestions are really practical and are a guide to the government when making policies in the operation and supervision of the old-age insurance fund.