养老基金投资管理体制:借鉴与构建

Pension Fund Management:Comparisons

在人口老龄化与经济增长乏力带来的养老金财政压力下,日本将侧重于服务经济增长的政府经营管理的养老金投资模式,转变为追求稳定且有效率投资回报的政府集中管理、民间机构具体投资的模式。借鉴日本经验,我国需要尽快清除养老金统一投资运营的诸多障碍,建立中央政府负责管理和投资战略,国有投资机构具体投资运营的养老金投资模式,采用数量限制投资规则,以服务经济发展和追求稳定投资回报为目标。

In the pressure of the aging of the population and pension finance, Japan changes the pension management model from government operation serving economic growth to government centralized management and company investment pursuing the stable and efficient return. China needs to clear the obstacles of the unified pension investment operation as soon as possible, and establishes the investment model making management and investment slrategies by the central government, investing and operating by the state investment agency, using quantitative restrictions on investment rules, serving economic development and pursuing stable investment returns.