国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Markets

Pension funds 'not obliged' to prop up stock market

By Zheng Yangpeng (China Daily) Updated: 2015-08-29 07:19

Pension funds 'not obliged' to prop up stock market

An investor watches an electronic board showing stock information at a brokerage office in Hangzhou city, Zhejiang province, Aug 24, 2015.[Asianewsphoto by Long Wei]

State Council approves channeling up to 600b yuan into nation's equity market

China's pension funds do not have the obligation to prop up or rescue the country's turbulent stock market, a top official said on Friday amid popular expectations for the funds to do so.

Up to 600 billion yuan ($97 billion) could be channeled into China's equity market after the State Coucil gave final approval on Sunday to allow pension funds access to the stock market. These funds will be able to invest up to 30 percent of their net assets in the country's stocks, stock index futures and government bond futures, a departure from the requirement that the massive funds could only park money in low-yielding bank deposits and Treasury bonds.

However, the news did not stop an 8.5 percent plunge the following day as investors were not optimistic on the short-term effect of the decision.

You Jun, deputy minister of the ministry of human resources and social security, told a news briefing that the National Council for the Social Security Fund will prudently make investment decisions with the intention of protecting and growing the fund.

"The funds do not have the obligation to prop up or rescue the stock market, as many hoped it would," said You.

China had 3.5 trillion yuan in pension funds as of the end of 2014, and about 2 trillion yuan can be invested after setting aside funds for pension payments, You said. China can ensure "stable" long-term return of the funds.

Responding to how long it will take the funds to flow into the market, Deputy Finance Minister Yu Weiping dodged a definite answer.

He said the government is drafting rules for pooling and transferring the myriad funds and investments into the stock market. It will take place after specific rules are made and the funds pooled.

"We are actively making the rules and hope it would come out as soon as possible. The entrusted agencies also have the right to decide when to invest," Yu said.

China's pension funds are a patchwork system that is mostly overseen by city and county-level governments, and it has proved difficult to consolidate them even at the provincial level. To consolidate the funds means local governments will cede control of the money to a centralized organization, the most challenging part of the work, experts said.

Yu said the Finance Ministry is considering incentives, such as tax breaks, to encourage local governments to do so.

Hot Topics

Editor's Picks
...
丰镇市| 五河县| 白河县| 拉孜县| 监利县| 右玉县| 荥经县| 铁岭市| 西林县| 泽州县| 阳东县| 澜沧| 德州市| 台南县| 巩义市| 叶城县| 新昌县| 贺州市| 元江| 大洼县| 井冈山市| 佛坪县| 霍州市| 十堰市| 深圳市| 正安县| 噶尔县| 阜平县| 嘉荫县| 阜南县| 全南县| 漯河市| 公安县| 北海市| 连平县| 东源县| 崇左市| 林周县| 越西县| 六枝特区| 车致|