| On August 17,2015,the State Council promulgated the Regulations on Investment Management of Basic Pension Insurance Funds.This law defines the market-oriented investment path of basic pension insurance funds,breaks through the inherent mode that funds can only invest in treasury bonds and bank deposits in the past,and allows funds to invest in pension products with a higher degree of marketization,including listed and circulated securities investment funds,stocks,stock index futures,treasury bond futures and other financial instruments,but still retains funds to invest in treasury bonds and bank deposits.Way.Among them,the basic pension fund investing in national bond has incomparable advantages compared with other investment methods,and has become an indispensable investment choice for China's basic pension fund.However,many years of practice shows that pension fund investment in national bond has not fully brought its due investment benefits,pension fund investment in national bond has the problems of small amount of subscriptible national bond,low investment returns and so on.At present,it is necessary to deeply tap the potential of national bond investment through institutional mechanism innovation,glow the vitality of pension fund national bond investment,and give full play to the value-preserving function of national bond investment to pension fund.The special directional national bond of basic pension fund is a new investment tool specially created for the preservation of the value of pension fund.Under the guidance of the past practice of national bond investment of pension fund,we should innovate the system design so as to make "old trees sprout new seeds and new trees take deep roots".Special directional treasury bonds of basic endowment insurance fund refer to non-negotiable floating-rate treasury bonds issued by the central government only for provincial basic endowment insurance fund management institutions in order to realize the preservation of basic endowment insurance fund.The special directional treasurybonds of the basic pension fund have the characteristics of preservation in the purpose of issuing,specificity in the object of issuing,directness in the way of issuing,and exponential in the calculation of interest rate.The specific performance is that the issuance of pension fund is for the sake of preserving the value of pension fund,the issuing object is directly for the pension fund management institutions,and the investment income considers the inflation factor comprehensively.Essentially,the issuance of special directional treasury bonds of basic pension fund is an intervention of the state in the investment of basic pension fund.On the one hand,the issuance of special directional treasury bonds of basic endowment insurance funds by the state is a state debt-raising behavior,and the funds raised can be used for national capital construction;on the other hand,the issuance of special directional treasury bonds of basic endowment insurance funds by the state is a state intervention behavior,which is the state intervention in the investment of basic endowment insurance funds,by issuing special directional treasury bonds of basic endowment insurance funds.Bond to ensure the investment income of pension funds,the state and the basic pension fund management institutions can negotiate on an equal footing on the specific issuance content of such Treasury bonds.Today,with the increasing pressure of pension payment and the strong demand for funds for social construction in China,the special directional treasury bonds of basic pension insurance fund can meet the huge demand for pension fund preservation,provide new investment tools for pension fund preservation,provide financing funds for infrastructure construction,dispel the doubt of fund investment for the public,and improve the overall investment efficiency of the fund.The issuance of special directional treasury bonds for basic pension fund conforms to the social development,meets not only the huge demand for capital for infrastructure construction,but also the demand for pension fund preservation.It also conforms to the value pursuit of laws such as the Law on the Protection of the Rights and Interests of the Elderly,the Law on Social Insurance and the Law on Securities.Looking back on the history of our country,in the 1990 s,there were some administrative regulations and departmental regulations concerning special treasury bonds and special directional bonds for social insurance,such as the 1989 Regulations on Special Treasury bonds,the Interim Provisions on Strengthening the Investment Management of Social Insurance Funds for Enterprise Employees,and the 1998 Measures for Issuing Special Directional Bonds,which were mentioned in these legal documents.And the national bond is similar to the specialdirectional national bond of the basic pension fund,but there are differences.Reflecting on the legislation and practice at that time,we can find that the relevant rules had strong policy and operability,but lacked flexibility and science,which failed to make the special treasury bond and social insurance special directional bond system a long-standing legal system.Looking around the world,the Social Security Act of the United States and the Central Provident Fund Act of Singapore explicitly stipulate that the basic pension insurance funds of the country must purchase special government bonds.The relevant rules stipulate the interest rate,duration and convertibility of special government bonds.Under the constraints of these rules,the investment income of basic pension insurance funds of the United States and Singapore is secure.The construction of the legal system of special directional national bond of basic pension fund is mainly based on the reflection of the historical practice of our country and the reference of the excellent experience of foreign countries.Firstly,the system of special directional bonds of basic pension insurance funds is systematically stipulated in the form of separate legislation,and the Regulations on Special directional bonds of basic pension insurance funds are promulgated.This regulation should include the issuance,circulation,repayment and supervision of special directional treasury bonds of basic pension fund.Secondly,it establishes the principles of special directional treasury bonds of basic endowment insurance funds,including the principles of fund preservation,appropriate scale and directional issuance.Let the issuance scale of special directional bonds of basic endowment insurance fund match the amount of bonds that can be subscribed by provincial basic endowment insurance fund,and let the basic endowment insurance fund management institution become the sole subscriber of such bonds.The government gives the interest rate of such bonds separately to ensure the value of the basic endowment insurance fund.Thirdly,in the specific system design,it aims at the basic endowment insurance fund.The issuance rules,circulation rules and repayment rules of special directional bonds of insurance funds are designed.The Ministry of Finance,as the issuer of special directional treasury bonds of the basic pension fund,issues such floating-rate treasury bonds directly to the basic pension fund management institutions under the joint examination and approval of multiple departments.Finally,we should make supplementary provisions on information disclosure and national audit,which are the supervisory rules of special directional national bond of basic pension insurance fund,and use external supervisory means to ensure the security of national bond funds and pension funds..To sum up,the construction of special directional national bond legal system of basic pension insurance fund is the realistic need to realize the value of basic pension insurance fund,and is also an effective way to ensure the stability and sustainability of the pension insurance system.It can ultimately safeguard the basic pension security rights of retirees,and realize the beautiful vision of people's well-being for thousands of years. |
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