Study On Asset Allocation Of Enterprise Annuity In China Economic ‘new Normal’

China has already stepped into an aging society.As the pillar of pension insurance system,enterprise annuity has been playing a vital role.Under chinese government’s support,the proportion of mass enterprises and employees participating enterprise annuity is much higher and the fund management of enterprise annuity has enjoyed rapid development.However,the investment management of enterprise annuity has been facing some problems;for instance,nonprofit even occurred in several years and the return rate of investment was unsatisfactory,aftrer investment practices in recent years.It has been the hot issue to preserve and increase value of enterprise annuity in fund management.How to manage the asset allocation of enterprise annuity has been the key step in enterprise annuity investment practices.Basing on analysing theories and practices of the relationship between asset allocation and economic circle,this thesis will analyse the relationship between economic circle and asset allocation with Merrill Lynch Investment Clock theory,and try to get the economic circle stage in China economic ‘new normal’ through historical statistical data,which will provide some guidelines for asset allocation of enterprise annuity in current economic stage.