人社部回应养老金何时入市:年内就可以启动

 China's pension fund may begin investing in the nation's A-share markets this year, an anticipated move that will channel approximately RMB600b into the equity¹ market and likely improve its liquidity².

我国养老金"入市"或在今年启动，这一备受期待的政策将向股市注入约6000亿元的资金，很可能改善A股市场流动性。

The target date comes several months after China's State Council published an investment guideline that would allow the country's pension fund to invest in more diversified³ and risker products, with the maximum proportion of investments in stocks and equities⁴ set at 30 percent of total net assets. As of last Friday, the nation's A-share markets' combined value totalled about 44 trillion yuan.

中国国务院公布的投资指导方针指出，将允许该国的养老基金在更多元、风险更高的产品上投资，其在股票投资的最大比例定为总资产净值的30％，几个月后将会制定实施的目标日期。截至上周五，国内A股市场的总价值约44万亿元。

China's pension fund, which accounts for approximately 90 percent of the country's total social security fund pool, had net assets of 3.98 trillion yuan by the end of 2015. By the end of last year, total investible pension fund nationwide reached approximately 2 trillion yuan, according to data from the Ministry⁵ of Human Resources and Social Security.

中国养老金，约占全国总社保基金池的90％，截止2015年底已有的3.98万亿元的净资产。据人力资源和社会保障部的数据显示，截至去年年底，全国可投资养老金的总额达到了约2万亿元。

人社部回应养老金何时入市:年内就可以启动

Yin Weimin, the minister of Human Resources and Social Security, said last week: "Detailed⁶ guidelines about how the investments will be conducted are expected shortly and the investments will be made through commissioned institutional investors⁷."

人社部部长尹蔚民上周表示：“养老金"入市"的相应细则预计将很快出台，养老金将通过委托机构投资者投资股市。”

According to a survey by the Shenzhen Stock Exchange, which polled 3,874 small investors from 219 cities around China, more than 77.5 percent of respondents said they had been anticipating the pension fund investments.

据深圳证券交易所表示，他们抽取来自中国各地219个城市的3874名中小投资者调查，超过77.5％的受访者说他们一直期待着养老金投资

The move is expected to not only benefit the equity market but also the pension fund itself, because yields from investing in equities are normally higher than that from treasury⁸ bonds or interest rates from bank accounts.

此举预计将不仅有利于股市，而且利于养老金本身，因为股票投资收益通常比国债或银行利率更高。

Critics have said that the low yields earned from bank accounts or bonds will not meet the increasing demands of a rapidly growing elderly population.

不过批评者表示，低收益的银行账户或债券不能满足快速增长的老年人口的不断增长的需求。

Researchers said it will take time for all the investible portion of the pension fund to become fully⁹ injected into the equity market.

研究人员表示，可投资的那部分养老金全部注入股市尚需时日。

South China's Guangdong province reportedly accrued¹⁰ a combined yield of 17.34 billion yuan from a 100-billion-yuan investment.

据报道，中国南方的广东省累计从1000亿人民币的投资中汇集了173.4亿元的收益。

Once channelled into the equity market, the large sum of capital will boost market sentiment over the short term, add to the number of institutional investors and help build a market with more value investment and less event-driven speculation¹¹, said Li Daxiao, chief economist¹² at Yingda Securities Co.

英大证券有限责任公司首席经济学家李大霄表示，一旦引流入股市，大笔资金会在短期内刺激市场反应，增加机构投资者的数量，并帮助建立一个更有价值的投资和较少事件驱动型投机行为的市场。

1 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

2 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

3 diversified   

adj.多样化的，多种经营的v.使多样化，多样化( diversify的过去式和过去分词 )；进入新的商业领域

参考例句：

• The college biology department has diversified by adding new courses in biotechnology. 该学院生物系通过增加生物技术方面的新课程而变得多样化。 来自《简明英汉词典》
• Take grain as the key link, develop a diversified economy and ensure an all-round development. 以粮为纲，多种经营，全面发展。 来自《现代汉英综合大词典》

4 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

5 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

6 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

9 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

10 accrued   

adj.权责已发生的v.增加( accrue的过去式和过去分词 )；（通过自然增长）产生；获得；（使钱款、债务）积累

参考例句：

• The company had accrued debts of over 1000 yuan. 该公司已积欠了1000多万元的债务。 来自《简明英汉词典》
• I have accrued a set of commemoration stamps. 我已收集一套纪念邮票。 来自《简明英汉词典》

11 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

12 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。