Pen­sion fund given more free­dom on in­vest­ments

China Daily (Canada) - - BUSINESS -

The gov­ern­ment has taken more steps to bet­ter man­age its 1.02 tril­lion yuan ($166 bil­lion) pen­sion fund by al­low­ing the fund to invest in the do­mes­tic and over­seas cap­i­tal mar­kets. Draft pro­pos­als have been pre­pared and were sent out for pub­lic con­sul­ta­tion fromWed­nes­day. Among the sug­ges­tions are steps to en­sure that the fund should be ap­pro­pri­ately al­lo­cated to fixed-in­come as­sets, stocks and pri­vate eq­ui­ties ap­proved by the State Coun­cil. The new­steps are be­ing seen as the coun­try’s at­tempt to en­sure ad­e­quate in­vest­ment of the fund through leg­isla­tive means. Founded and man­aged by theN­ational Coun­cil of So­cial Se­cu­rity Fund in 2000, the fund has achieved an­nual in­vest­ment re­turns of 7.95 per­cent. The newreg­u­la­tions also for­bids any in­sti­tu­tion or in­di­vid­ual to mis­ap­pro­pri­ate or il­le­gally invest the fund and vi­o­la­tors will be sub­ject to fines.

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