Governance and Fund Management in the Chinese Pension System / Yu-Wei Hu, Gregorio Impavido, Xiaohong Li.

Format:

Book

Government document

Author/Creator:

Hu, Yu-Wei.

Contributor:

Impavido, Gregorio.

Li, Xiaohong.

International Monetary Fund.

Series:

IMF Working Papers; Working Paper ; No. 2009/246

IMF Working Papers

Language:

English

Subjects (All):

Pension trusts--Investments--China.

Pension trusts.

Pension trusts--Management--China.

Physical Description:

50 p.

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2009.

Language Note:

English

Summary:

The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.

Contents:

Intro

Contents

Glossary

I. Introduction

II. Brief Description of Current Social Security Arrangements

III. The Basic Old Age Insurance System

IV. The National Social Security Fund (NSSF)

A. Institutional Structure and Fund Governance

B. Sources of Funds

C. Investment Policy Objectives and Asset Allocation

D. Implementation of the Strategic Asset Allocation and Performance

V. The Enterprise Annuity System

A. Size and Performance of the Enterprise Annuity System

B. Governance Framework in the Enterprise Annuity System

VI. Conclusion

A. The Basic Old Age Insurance System

B. The National Social Security Fund

C. The Enterprise Annuity System

Reference

Tables

1. Key Design Features of the Chinese Pension System

2. National Social Security Fund-Source of Funds

3. Total Assets of Select Demographic Buffers (Percent of GDP)

4. National Social Security Fund-Domestic Strategic Asset Allocation

5. National Social Security Fund-Foreign Strategic Asset Allocation

6. National Social Security Fund-Increasing Use of Outsourced Asset Managers

7. National Social Security Fund-Internally Managed Portfolio

8. National Social Security Fund-Foreign Investment Mandates (2006)

9. National Social Security Fund-Foreign Investment Managers (2006)

10. National Social Security Fund-Custodians (2008)

11. National Social Security Fund-Gross Investment Performance

12. National Social Security Fund-Investment Performance of Assets Managed Internally

13. National Social Security Fund-Expenses

14. Comparison of Operating Costs-Select Funds

15. Evolution of the Enterprise Annuity System Market

16. Nominal and Real Returns in the Enterprise Annuity System-2006-2008

17. Minimum Capital Requirements for Enterprise Annuity System Providers

Figures.

1. Coverage of the Chinese Pension System

2. National Social Security Fund-Governance Structure

3. Pension Fund Returns in Selected OECD Countries (January-October 2008)

Appendices

I. Key Design Parameters of the Basic Old Age Insurance system

II. Reliance on Proceeds from IPO to Fund Pension Liabilities

III. Regulatory and supervisory architecture for the EA system.

IV. List of Enterprise Annuity Licences by Type of Company in China as of May 2008.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references.

Description based on print version record.

ISBN:

9786612844447

9781462368877

1462368875

9781452762166

1452762163

9781451873931

145187393X

9781282844445

128284444X

OCLC:

680613541