LEADER 06215oam 22010574 450 001 9910826146903321 005 20240402044759.0 010 $a1-4623-6887-5 010 $a9786612844447 010 $a1-4527-6216-3 010 $a1-4518-7393-X 010 $a1-282-84444-X 035 $a(CKB)3170000000055381 035 $a(SSID)ssj0000941196 035 $a(PQKBManifestationID)11545405 035 $a(PQKBTitleCode)TC0000941196 035 $a(PQKBWorkID)10963952 035 $a(PQKB)11759665 035 $a(OCoLC)680613541 035 $a(MiAaPQ)EBC1605959 035 $a(IMF)WPIEE2009246 035 $a(EXLCZ)993170000000055381 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGovernance and Fund Management in the Chinese Pension System /$fYu-Wei Hu, Gregorio Impavido, Xiaohong Li 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a50 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1808-9 320 $aIncludes bibliographical references. 327 $aIntro -- Contents -- Glossary -- I. Introduction -- II. Brief Description of Current Social Security Arrangements -- III. The Basic Old Age Insurance System -- IV. The National Social Security Fund (NSSF) -- A. Institutional Structure and Fund Governance -- B. Sources of Funds -- C. Investment Policy Objectives and Asset Allocation -- D. Implementation of the Strategic Asset Allocation and Performance -- V. The Enterprise Annuity System -- A. Size and Performance of the Enterprise Annuity System -- B. Governance Framework in the Enterprise Annuity System -- VI. Conclusion -- A. The Basic Old Age Insurance System -- B. The National Social Security Fund -- C. The Enterprise Annuity System -- Reference -- Tables -- 1. Key Design Features of the Chinese Pension System -- 2. National Social Security Fund-Source of Funds -- 3. Total Assets of Select Demographic Buffers (Percent of GDP) -- 4. National Social Security Fund-Domestic Strategic Asset Allocation -- 5. National Social Security Fund-Foreign Strategic Asset Allocation -- 6. National Social Security Fund-Increasing Use of Outsourced Asset Managers -- 7. National Social Security Fund-Internally Managed Portfolio -- 8. National Social Security Fund-Foreign Investment Mandates (2006) -- 9. National Social Security Fund-Foreign Investment Managers (2006) -- 10. National Social Security Fund-Custodians (2008) -- 11. National Social Security Fund-Gross Investment Performance -- 12. National Social Security Fund-Investment Performance of Assets Managed Internally -- 13. National Social Security Fund-Expenses -- 14. Comparison of Operating Costs-Select Funds -- 15. Evolution of the Enterprise Annuity System Market -- 16. Nominal and Real Returns in the Enterprise Annuity System-2006-2008 -- 17. Minimum Capital Requirements for Enterprise Annuity System Providers -- Figures. 327 $a1. Coverage of the Chinese Pension System -- 2. National Social Security Fund-Governance Structure -- 3. Pension Fund Returns in Selected OECD Countries (January-October 2008) -- Appendices -- I. Key Design Parameters of the Basic Old Age Insurance system -- II. Reliance on Proceeds from IPO to Fund Pension Liabilities -- III. Regulatory and supervisory architecture for the EA system. -- IV. List of Enterprise Annuity Licences by Type of Company in China as of May 2008. 330 3 $aThe Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/246 606 $aPension trusts$xInvestments$zChina 606 $aPension trusts$xManagement$zChina 606 $aFinancial Risk Management$2imf 606 $aInvestments: General$2imf 606 $aLabor$2imf 606 $aPublic Finance$2imf 606 $aInternational Financial Markets$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aNonwage Labor Costs and Benefits$2imf 606 $aPrivate Pensions$2imf 606 $aFinance$2imf 606 $aPensions$2imf 606 $aInvestment & securities$2imf 606 $aAsset management$2imf 606 $aPension spending$2imf 606 $aAsset allocation$2imf 606 $aSecurities$2imf 606 $aAsset-liability management$2imf 606 $aFinancial instruments$2imf 607 $aChina, People's Republic of$2imf 615 0$aPension trusts$xInvestments 615 0$aPension trusts$xManagement 615 7$aFinancial Risk Management 615 7$aInvestments: General 615 7$aLabor 615 7$aPublic Finance 615 7$aInternational Financial Markets 615 7$aSocial Security and Public Pensions 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aNonwage Labor Costs and Benefits 615 7$aPrivate Pensions 615 7$aFinance 615 7$aPensions 615 7$aInvestment & securities 615 7$aAsset management 615 7$aPension spending 615 7$aAsset allocation 615 7$aSecurities 615 7$aAsset-liability management 615 7$aFinancial instruments 676 $a330.951 700 $aHu$b Yu-Wei$01656764 701 $aImpavido$b Gregorio$01621217 701 $aLi$b Xiaohong$0973932 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910826146903321 996 $aGovernance and Fund Management in the Chinese Pension System$94009842 997 $aUNINA