中国全国社会保障基金的回顾[文献翻译]

1、外文题目 A Review of the National Social Security Fund in China 外文出处 Pensions: An International Journal 外文作者 Stuart Leckie & Ning Pan 原文：A Review of the National Social Security Fund in ChinaIV. The Investments of NSSF Regulatory Framework for InvestmentsThe investment activities of the NSSF are gov

2、erned by two sets of rules:1) “The Preliminary Rules on the Administration of the Investments of the National Social Security Fund” (The Preliminary Rules) issued jointly by MoLSS and MoF in December 20012) “The Preliminary Rules on the Management of Overseas Investments of the National Social Secur

3、ity Fund” (The Preliminary Rules on Overseas Investments) issued jointly by MoLSS, MoF and SAFE in March 2006.Under the Preliminary Rules, the NCSSF is charged with the responsibility for developing the NSSFs investment strategies and organising the implementation of these strategies. The Preliminar

4、y Rules states that the NSSF must stick to the principle of “achieving value appreciation on the basis of ensuring the safety and liquidity of the assets” in its investments.The NSSF can either directly invest its assets, or appoint licenced investment managers. However, if the NSSF chooses to direc

5、tly invest the assets, it can only invest in bank deposits or government bonds. For all other types of investments, the NSSF needs to appoint fund managers and custodians approved by the MoHRSS. The Preliminary Rules also details criteria, roles and responsibilities for investment managers and custo

6、dians for the NSSF.According to the Preliminary Rules, no less than 50% of the NSSF assets must be invested in bank deposits and government bonds, no more than 10% in corporate bonds, and no more than 40% in equities and funds. The NSSF often refers to these categories of investments as “low-risk”,

7、“comparatively low risk” and “high risk high return” investments, respectively.The Preliminary Rules on Overseas Investments specify the eligibility criteria of international fund managers and custodian banks in respect of the NSSFs foreign investments. Appointment of Domestic Fund ManagersFrom 2001

8、 to 2003, except for a one-time purchase of about RMB1.3bn (US$153mn) of Sinopec IPO shares in 2001, most of the NSSF funds were self-managed and kept in the form of cash and government bonds. Given Chinas low interest environment, returns on these investments were very modest, hovering between 2% a

9、nd 3%. Although these returns beat price inflation during that period of time, they were significantly less than Chinas salary inflation rates. A cash-and-government-bond-only investment strategy is most inappropriate for a long-term pension fund in a rapidly growing economy.The situation started to

10、 change in 2003, when the NSSF appointed 6 domestic fund managers for domestic equity and bond mandates. The managers comprised Boshi (now re-named Bosera), Changsheng, Huaxia (also known as “China AMC”), Harvest, Penghua and Southern, all considered among the best in the Chinese fund management ind

11、ustry. The NSSF 2003 annual report indicates that the amount of assets mandated to these managers was RMB32bn (US$4bn), or approximately 24% of the total assets, at the end of the year.In 2004, the NSSF further appointed 4 additional managers CICC, China Merchants, E-fund and Guotai, for “stable all

12、ocation” mandates. By the end of 2005, the amount of assets mandated to domestic fund managers had increased to RMB73bn (USD9bn), or approximately 34% of the NSSFs total assets.The declining equity market in China during 2004 and the first part of 2005 did not bode well for the NSSFs debut equity in

13、vestments. The NSSFs overall realised returns in 2004 and 2005 were only slightly above 3%.The situation changed in 2006 and 2007 due to the dramatic rebound of the domestic equity markets. During these 2 years, the major A-share indices were up by 4 or 5 fold, and the realised return of the NSSF wa

14、s reportedly over 9% in 2006, followed by 38.9% in 2007, most of which was attributed to equity investments.The bull run in the A-share market in 2006 and the first part of 2007 was followed by a 60% decline in later 2007 and 2008, making it the worst-performing market in Asia. However, NSSF managed

15、 to react quickly to the market change and sold out a big portion of its equity holdings within a reasonable period of time. In addition, with a bullish view on the long-term outlook for the domestic financial market, NSSF opened 16 new trading accounts in late 2008 and invested over RMB10bn buying

16、A Shares, which brought the total number of NSSFs trading accounts in the Shanghai and Shenzhen markets to 132.The NSSF 2008 Annual Report indicates that, as of 31 December 2008, the amount ofNSSFs total assets mandated to domestic fund managers for equity investments had increased to RMB60bn, which

17、 rewarded the NSSF with a cash return of RMB70bn to the specified date in addition to its stock holdings which were valued at RMB90bn at that time. Strategic Investments in Pre-IPO SharesOne of the more eye-catching moves during the earlier years of the NSSF was pre-IPO strategic investment into lar

18、ge Chinese companies, especially the banks, at extremely attractive share prices. Given that share prices after IPO tended to be significantly higher than the prices paid by pre-IPO private equity investors, these investments have generated massive windfall profits for the NSSF (although only when s

19、hares are sold will the profits be realised).As the NSSF is a passive investor and could add only limited value in improving the operation or governance of the banks, allowing the NSSF to become a pre-IPO investor and make some “risk-free” profits was a conscious political and economic decision by t

20、he Chinese government to help the NSSF boost its returns as quickly as possible. One of the earliest investments of this kind occurred in June 2004, when the Bank of Communications (BoCom), one of Chinas more profitable state-owned banks, restructured in preparation for a Hong Kong listing. The NSSF

21、 invested RMB10bn (US$1.2bn) as a strategic investor in BoCom, and became the third largest owner of BoCom after the MoF and HSBC.Similar pre-IPO investments made by NSSF in bigger banks included RMB10bn (US$1.2bn) in the Bank of China (BoC) and same amount 7 in the Industrial and Commercial Bank of

22、 China (ICBC), both at extremely attractive prices. The successful Hong Kong listings of BoC in June and ICBC in October of 2006 benefited the NSSF with immediate unrealised returns totaling approximately RMB30.5bn (US$3.9bn) Given that all three bank stocks have performed well post-IPO, and assumin

23、g that the shares have not yet been sold because of a lock-up period, the cumulative unrealized gains for the NSSF in these three banks would approximate US$3bn as at the end of May 2009.Not all parties agree with the NSSFs aggressive investments in the Chinese banks. Some question whether it is wis

24、e for the NSSF to allocate RMB30bn (US$3.8bn), or close to 15% of its book assets, into 3 Chinese banks9. The NSSF however, argues that these pre-IPO investments are virtually risk free, and additional investments will go into other banks when they carry out share reforms.The fourth and also the lat

25、est pre-IPO investment made by NSSF is a RMB10bn injection into the Beijing-Shanghai Railway, which could earn a 12% annual return for NSSF once it starts to operate. Involvements in Private EquitySince May 2008 the NSSF has been granted permission to allocate up to 10% of its assets to non-state-ba

26、cked domestic private equity funds. Considering the total capital size of NSSF at the end of 2008, 10% of its asset would be valued at about RMB56bn (US$8.2bn). However, the investments are limited to domestic private equity funds only, meaning the overseas portfolio will still be restricted from ve

27、nturing into private equity funds for the time being.This initiative was considered as a significant development in the grand plan of investments for the NSSF and it moved quickly to invest RMB 2 billion into each of two new local RMB-denominated PE funds launched by CDH Investments and Hony Capital

28、. Acting as a limited partner only, NSSF does not take part in the management of the PE funds, leaving the fund managers full flexibility to execute their investment decisions.The NSSF had previously ploughed money into some government-backed private equity funds, including the China-Belgium Direct

29、Equity Investment Fund and the Bohai Industrial Investment Fund, having obtained special approvals from the regulatory authorities.As of June 2009, 4% of NSSFs assets are allocated to private equity, and NSSF will reportedly inject another RMB10bn into 3 to 5 private equity funds this year, and even

30、 more next year. Overseas InvestmentsThe NSSF has long lobbied for government approval to allow it to invest overseas, as in fact it started to accumulate significant amounts of foreign capital from the overseas listing of Chinese SOEs. The NSSF hoped that rather than having to convert all such fore

31、ign exchange to RMB and then remit it back to Beijing, it could instead keep the cash in foreign currencies and invest this in foreign securities. This would not only lead to better diversification, but also promised higher returns as the domestic equity market seemed to be stuck in a prolonged slum

32、p and interest rates were very low at that time.In October 2003, Xiang Huaicheng, Chairman of the NSSF, formally submitted an overseas investment proposal to the MoF, MoLSS, SAFE, and CSRC as well as the PBoC. The approval process, however, proved to be long and arduous as it involved negotiating wi

33、th various government agencies, each with its own concerns and priorities. Particularly, the CSRC, the regulatory body that oversees Chinas securities markets, was worried that allowing the NSSF to invest overseas would reduce investors confidence in the domestic stock market, which was at the time

34、one of the worst performing in the world. While in early 2004 a decision was made “in principle” to allow the NSSF to make investments overseas, the NSSF had to wait for 2 more years before an implementation guideline was issued in March 2006. By this time, the situation had changed the domestic equ

35、ity market had already staged a convincing rebound, the massive foreign exchange reserves in China were leading to significant pressure on the RMB to revalue, and new regulations allowing Chinese banks and fund managers to seek client money to invest abroad were imminent. The NSSF at this point had

36、accumulated approximately US$1.6bn or approximately 6% of its total assets in foreign exchange.Once it obtained the regulatory green light, the NSSF acted quickly. It announced that it would invest between US$500mn US$800mn overseas by the end of 2006. In April, it posted on its website a bidding in

37、vitation (in Chinese) for 5 different overseas mandates, specifying eligibility criteria for bidding firms, target returns against benchmark indices and tracking errors, plus a step-by-step review and selection process. In addition, Mercer, as an international investment consultancy, was appointed a

38、s the advisor to the manager selection process.The invitation to bid generated much enthusiasm among foreign managers. Many fund managers believe that although fees would be modest, winning a first overseas mandate from Chinas No. 1 institutional investor would bring them credibility and long term s

39、trategic value in the potentially huge Chinese asset management industry. By the end of June 2006 some 106 managers, a whos who list of the international investment world, submitted expressions of interest. In August, the NSSF short listed 25 managers for further review including face-to-face interv

40、iews with the NSSF Expert Appraisal Committee. The Expert Appraisal Committee was made up of 3 NSSF officials, as well as 4 independent Chinese and foreign experts led by Mr. Antony Leung, former Financial Secretary of Hong Kong. In September, the interviews were concluded and the winners were ident

41、ified. The list of winners was published in late November, after negotiation of fee terms in the investment agreements13 were concluded.Separately, the NSSF announced that it had selected Citibank and Northern Trust as global custodians for its overseas investments.Similarly, as set out in Table 4 b

42、elow, a second batch of five mandates for overseas investments was posted in March 2008, which again generated huge interest from more than 100 top-tier applicants, though NSSF took a much lower profile for this round of selection. After rounds of interviews and careful evaluation, a list of eight w

43、inning companies was chosen in late August 2008, and the NSSF was reported to be in final talks with the selected asset managers regarding various details later last year.US-based Goldman Sachs and France-based BNP Paribas reportedly have been tapped to be among the selected winners.In general, the

44、international fund managers have been impressed by the level of professionalism demonstrated in the selection process. Many commented that the process appeared fair and without political interference. It seems that the NSSF, in its selection of overseas managers, has set a new higher standard of gov

45、ernance for other Chinese government agencies and for Chinas fund management industry generally.The overseas investments, which currently account for approximately 6% of NSSFs total assets, have only reached less than a third of the Funds permissible cap of 20% of total assets so far, but this perce

46、ntage is set to increase. As a long-term investor, NSSF will surely not wish to forego any significant investment opportunities given that global markets are still valued considerably below their peak levels. In fact, NSSF has been actively preparing a formal proposal to MoF and MoHRSS as regards it

47、s future asset allocation into foreign PE funds. Final approval from the State Council is expected to come in the second half of this year and according to the media, NSSF aims to get its first foreign PE deal completed before the year-end.In future, as outlined in one of Mr. Dai Xianglongs speeches

48、, NSSF will look for various ways to further diversify its investments both at home and abroad.1) Increase equity investments;2) Increase investments in private equity, especially in infrastructure projects;3) Reduce allocation in fixed income assets;4) Increase overseas investments. Investment Retu

49、rnsGenerally speaking, the returns on the NSSFs investments for the first few years after its inception were modest due to the fact that most of the assets were held in the form of cash and government bonds. However, as of the end of 2008, NSSF had achieved an annualized average return of approximat

50、ely 9% since establishment, or a total investment profit of RMB160bn (US$23bn)15. The year 2007 provided particularly strong growth, as NSSF generated surplus of RMB145bn in that year alone thanks to the booming stock market.It is noteworthy that the returns for the years 2001 to 2007 and the return

51、 for 2008 were calculated based on two different sets of accounting principles due to the adoption of the new accounting standards in 2008, and the annualized return of 9% is simply the geometric average of the returns for the years 2001-2008.Source：Pensions: An International Journal 1 March 2007/12

52、，88-97译文：中国全国社会保障基金的回顾四、全国社会保障基金的投资投资管理框架全国社保基金投资的活动是由两套规则：1）“关于全国社会保障基金投资管理的初步规则”（初步规则）由劳动社会保障部和财政部在2001年12月联合颁发。2）“在海外的全国社会保障基金投资管理“（在海外投资的初步规则）由劳动社会保障部、财政部和国家外汇管理局在2006年3月联合颁发。根据初步规则，全国社会保障基金理事会负责制定全国社保基金的投资策略并组织实施这些战略。初步规则规定，全国社保基金必须坚持以“实现在确保安全和资产流动性的基础上增值” 的投资原则。全国社保基金可直接投资其资产，或委派授权投资经理。但是，如果社保

53、基金选择直接投资资产，它只能投资于银行存款或政府债券。对于所有其他类型的投资，需要任命全国社保基金的基金经理并经保管人人力资源和社会保障部批准。据初步规则，不低于50的全国社保基金资产必须投资于银行存款和政府债券，公司债券不超过10，不超过40投资于股票和基金。全国社保基金的投资通常是指这些类别为“低风险”，“相对低风险”和“高风险高回报”的投资。对海外投资的初步规则规定了在社保基金的海外投资方面的国际基金经理及托管银行的资格。国内基金经理人的委任从2001年到2003除了于2001年一次性购买中石化约13亿人民币（1亿5300万美元）新股，全国社保基金的大部分资金是自我管理，以现金和政府债券

54、的形式保存。鉴于中国的低利率环境，这些投资的回报是非常温和，介于2和3左右。虽然这些回报击败在了该时期的物价上涨，但是他们均显著低于中国的薪金通胀率。只有现金和政府债券的投资策略，长期养老基金最不适合快速增长的经济。这种情况在2003年开始发生变化，当时全国社保基金委任6名国内基金经理管理国内股票和债券。包括博时的经理（现更名为博时），长盛，华夏（也称为“中国资产管理公司”），收获，鹏华和南部，考虑所有跻身于中国基金管理行业的最佳选择。全国社保基金2003年年度报告指出，在年底这些管理人员的委托资产额是人民币320亿（约合40亿美元），约占总资产的24。2004年，为了“稳定分配”委托，全国社

55、保基金理事会还任命了4名经理中金公司，中国招商，电子和国泰基金。到2005年底，国内基金经理授权资产总额已增至人民币730亿（90亿美元），或约全国社保基金的总资产34。情况在2006年和2007年发生了变化，主要是由于国内股市大幅反弹。在这2年，主要A股指数上升4或5倍。据报道，全国社保基金2006年实现的收益超过9，随后在2007年为38.9，其中大部分是由于股权投资。A股市场在2006年和2007年的第一季度为牛市，随后又在2007年和2008年以后60的跌幅，使其成为亚洲表现最差的市场。然而，全国社保基金管理对市场变化做出迅速反应，出售在合理的时间范围内其持股很大一部分。此外，对国内金

56、融市场的长期前景持乐观看法，2008年底社保基金开设了16个新的交易账户，投资100多亿购买A股，这使在上海和深圳市场的社保基金的交易账户总数上升至132个。全国社保基金2008年年报显示，截至2008年12月31日，国内基金经理经授权的股权投资的社保基金资产总额已增至600亿人民币，除了持有的股票，还有700亿指定日期的现金回报，这些股票在当时价值900亿。在首次公开招股前的投资策略较为引人注目的举动之一是社保基金在最初几年是使用首次公开招股前的投资策略，投资大华公司股份，尤其是银行的股价极具吸引力。由于上市后股票价格往往大大高于上市前的私募股权投资者支付的价格，这些投资为社保基金产生了暴利

57、（虽然只有出售股份时将实现利润）。由于社保基金是一个被动的投资者，在改善银行经营或管理方面只有有限的价值，这使得允许社保基金成为上市前的投资者，获得一些“无风险”利润。这是通过中共政府自觉的政治和经济决策帮助全国社保基金尽快提高其收益。这种投资之一最早发生在2004年6月，当中国较有利可图的国有银行之一的交通银行，准备在香港上市重组时。全国社保基金作为战略投资者，投资交通银行100亿人民币（约合12亿美元），继财政部和汇丰银行之后，成为交行的第三大股东。类似的上市前由社保基金投资的规模较大的银行包括100人民币（约合12亿美元）中国银行和相同数量中国工商银行，都是以极具吸引力的价格购买的。20

58、06年六月成功在香港上市的中行和10月上市的工行，全国社保基金受益于即时未实现收益合计约305亿人民币（约合39亿美元）。鉴于所有三个银行股上市后一直表现良好，并假设这些股票尚未在禁售期内出售，截止2009年5月底，社保基金在这三家银行累计未实现的收益将接近30亿美元。不是所有缔约方都同意全国社保基金对中国银行的积极投资。有人质疑全国社会保障基金分配300亿人民币（38亿美元），接近其账面资产的15的资产投资于3家中资银行是否明智。但全国社保基金认为这些上市前的投资实际上无风险，当他们进行股改时，更多的投资会投入到其他银行去。第四，也是最新的社保基金上市前投资是100亿人民币投资于北京至上海铁路，一旦开始运作，全国社保基金可赚取12的年回报。所涉及的私人股本自2008年5月全国社保基金已获准拨款高达10的资产吸收非国有资本支持的国内私人股本基金。考虑到在2008年底全国社保基金的总资金规模，其资产的10将价值约560亿人民币（82亿美元）。然而，投资只限于国内的私人股权基金，这意味着海外投资组合仍然暂时被限制冒险进入私募基金。这一举措被认为是全国社保基金宏伟投资计划的重大发展，它迅速采取行动，投资人民