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 diversified and risker products, with the maximum proportion of investments in stocks and equities 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 Ministry 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: "Detailed guidelines about how the investments will be conducted are expected shortly and the investments will be made through commissioned institutional investors."

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 treasury 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 fully 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 accrued 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 speculation, said Li Daxiao, chief economist 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。