海外资产配置视角下的中国养老基金投资优化策略——来自日本GPIF改革经验及启示

Chinese Pension Fund Investment Optimization Strategy in the Perspective of Overseas Asset Allocation——Based on the experience and enlightenment of Japanese GPIF reform

2013年以后,日本政府养老投资基金积极布局海外资产,收益颇丰,为维护养老金收支平衡发挥重大作用。当前我国人口老龄化趋势明显,"未富先老"的现象逐渐突出,养老社保压力不断增大,一定程度上与日本当时的情况类似。因此,借鉴日本改革经验,未雨绸缪做好准备、抓住当前战略窗口期,加大海外资产布局,特别是提高我国养老基金"出海"投资比例、改善制度保障和风控水平,是我国养老基金投资管理体制改革可供借鉴的方向。

Japanese government pension investment fund has actively deployed overseas assets and the income is quite rich after 2013,which plays an important role in maintaining the balance of pension income and expenditure.At present,the trend of China’s population aging is obvious and the pressure on pension insurance is increasing,which is similar to the situation of Japan in 1990 s.Therefore,drawing on Japan’s reform experience and increasing the overseas layout of China’s pension fund,is the direction of reform can be used for China’s pension fund investment management.