The development of pension finance is of great significance to China. first of all, the development of pension finance is conducive to improving China's multi-level and multi-pillar pension system, promote the sustai...The development of pension finance is of great significance to China. first of all, the development of pension finance is conducive to improving China's multi-level and multi-pillar pension system, promote the sustainable development of the social security system; secondly, the development of pension finance will create a new "blue ocean" in the financial markets, which is conducive to the improvement of China's financial system and capital market;finally, the development of pension finance will help supply-side reforms,which is conducive to the healthy development of the national economy of china. But now there are many difficulties: first, the top-design of China's social security system is not perfect; secondly, the current development model of pension finance in China is unclear, the return on investment mechanism is not perfect, the attractiveness of these projects needs to be improved; finally, under the background of Interact finance, mixed supervision is imminent. Therefore, under the new economic conditions must be structured from the supply side of the reform, the development of pension funds to seek the right ideas.展开更多
In the last couple of years, social financing costs have shot up in China despite an overall capital abundance and increasing market-based capital allocation. This paper has investigated overall financial cost and cap...In the last couple of years, social financing costs have shot up in China despite an overall capital abundance and increasing market-based capital allocation. This paper has investigated overall financial cost and capital cost ratio as two measurements of financing cost, compared financing costs of different channels, examined the relationship of risk premium, financial repression, interest rate liberalization, and resource occupation versus financing cost, and addressed the problem of high non-manufacturing cost. On such a basis, specific countermeasures have been proposed. The main conclusion of this paper is: The current high social financing costs primarily result from economic structural imbalance. The fundamental solution lies in continuing structural reform and credibility system development to eliminate barriers in the transmission of capital circulation policies such as expanding equity financing, relaxing market access formalities for small and micro financial institutions, and improving the bankruptcy system to give full play to the "survival of the fittest" mechanism of the market.展开更多
文摘The development of pension finance is of great significance to China. first of all, the development of pension finance is conducive to improving China's multi-level and multi-pillar pension system, promote the sustainable development of the social security system; secondly, the development of pension finance will create a new "blue ocean" in the financial markets, which is conducive to the improvement of China's financial system and capital market;finally, the development of pension finance will help supply-side reforms,which is conducive to the healthy development of the national economy of china. But now there are many difficulties: first, the top-design of China's social security system is not perfect; secondly, the current development model of pension finance in China is unclear, the return on investment mechanism is not perfect, the attractiveness of these projects needs to be improved; finally, under the background of Interact finance, mixed supervision is imminent. Therefore, under the new economic conditions must be structured from the supply side of the reform, the development of pension funds to seek the right ideas.
文摘In the last couple of years, social financing costs have shot up in China despite an overall capital abundance and increasing market-based capital allocation. This paper has investigated overall financial cost and capital cost ratio as two measurements of financing cost, compared financing costs of different channels, examined the relationship of risk premium, financial repression, interest rate liberalization, and resource occupation versus financing cost, and addressed the problem of high non-manufacturing cost. On such a basis, specific countermeasures have been proposed. The main conclusion of this paper is: The current high social financing costs primarily result from economic structural imbalance. The fundamental solution lies in continuing structural reform and credibility system development to eliminate barriers in the transmission of capital circulation policies such as expanding equity financing, relaxing market access formalities for small and micro financial institutions, and improving the bankruptcy system to give full play to the "survival of the fittest" mechanism of the market.