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发布时间 :2016-05-09

 

 Board of SSF

 

According to the rules of the State Council, the Board is the highest governing body of SSF which is composed of the Chairman, Vice Chairmen and Directors. The Chairman and Vice Chairmen are nominated by the State Council, and the Directors are appointed by the State Council. The Board convenes one to two meetings each year and is responsible for the following functions:

1.To examine and adopt NSSF’s significant policies and strategies concerning its management and operation;

2.To examine and adopt NSSF’s annual operation plan and mid-and-long-term development scheme;

3.To examine the implementation of NSSF’s annual operation plan and to review and adopt NSSF’s annual operation report;

4.To approve NSSF’s major management regimes such as the investment management regime, risk management regime and information disclosure regime;

5.To report to the State Council and its authorized departments on the issues and problems concerning the management and operation of NSSF;

6.To formulate and revise the charter of SSF.

 

Currently, the issues for the Board’s deliberation include: NSSF’s annual work report, assets allocation plan for the current year and the financial accounting report for the previous year.

Meanwhile, the Board holds a mid-year panel to hear report of the first half year’s work and to discuss and decide priorities for the second half of the year.

Approved by the State Council, members of the fifth Board of SSF are:

Chairman:  LOU Jiwei

Secretary of Party Committee and Vice Chairmen: WANG Ercheng

Vice Chairmen:

YU Gesheng    WANG Zhongmin    WANG Wenling

Directors:

HUA Jianmin, LI Guixian, LIU Zhongli, XIANG Huaicheng, DAI Xianglong, WANG Mengkui, GONG Puguang, SHI Yaobin, HU Xiaoyi, JIAO Kaihe, ZHOU Zhongxuan, REN Zhenhe, WEN Guohui, ZHANG Zuoha, WANG Jianxi, HE Ping.

 

Size and Assets Allocation of NSSF

 

As of December 31, 2015, the total amount of assets under management of SSF is RMB 1.913821 trillion, and the total amount of net assets is RMB 1.796651 trillion. Among the net assets, NSSF’s equity capital is valued at RMB 1.508341 trillion, and the equity capital of the individual accounts fund is valued at RMB 114.965 billion, the equity capital entrusted by provinces is valued at RMB173.345 billion.

Among various asset categories, the fixed income assets account for 49.7%, domestic stocks account for 30.14%, overseas stocks account for 8.41%, industrial investments account for 11.72%, cash and equivalent for 0.03%.

In 2015, the investment proceeds of assets under management of SSF was RMB 229.461 billion with a rate of return of 15.19%. By the end of 2015, NSSF had achieved accumulated investment proceeds of RMB 790.781 billion since its establishment, with an average investment yield of 8.82% annually.

 

Investment Management of NSSF

 

 

Investment Philosophy 

SSF takes NSSF’s safety and the maintenance and appreciation of its value as its core business. It pursues an investment philosophy of “Valuable Investment, Long-term Investment and Responsible Investment” while sticking to prudent investment, scientific and refined management and the pursuit of increasing investment returns.

 

Legal Framework   

Article 71 of the Social Insurance Law of the People’s Republic of China adopted at the 17th Meeting of the Standing Committee of the 11th National People’s Congress on October 28, 2010, expressly stipulates the important principles such as NSSF’s establishment, funding sources, purposes of usage, investment operation and supervision.

On 28 March, 2016, the State Council issued its Decree NO. 667 to promulgate the Regulation on National Social Security Fund, taking effect from 1 May, 2016, which spells out the nature, funding, usage, management, operation, supervision and legal responsibilities of the Fund.

Laws and regulations with respect to fund raising include: the Notice of the State Council on Further Standardizing the Management of Lottery, the Provisional Management Measures on Raising Social Security Funds through Reducing State-owned Shares, and the Implementation Measures on Pooling Social Security Funds through Transferring Partial State-owned Shares in the Domestic Securities Market,etc.

Laws and regulations with respect to the investment operations include: the Interim Measures on the Investment Management of the National Social Security Fund, the Provisional Regulations on Overseas Investment and Management of the National Social Security Fund, etc.

 

Investment Method and Scope 

NSSF adopts an investment method with the combination of direct investment and mandated investment.  The NSSF’s assets that are managed by external managers are in the custody of the custodians selected by SSF.  Currently there are eighteen (18) domestic investment managers and thirty-six (36) overseas investment managers of SSF.

In accordance with the Interim Measures on the Investment Management of the National Social Security Fund and the Provisional Regulations on Overseas Investment and Management of the National Social Security Fund as well as other relevant rules and regulations, the NSSF’s investment types include:

Domestic Investments: bank deposits, interbank negotiable certificates of deposits, bonds, trust investments, asset-backed securitized products, stocks, securities investment funds, equity investments and equity investment funds, etc.

Overseas Investments: money market products such as bank deposits, bank bills and large transferrable deposits, bonds, stocks, securities investment funds and financial derivatives such as swaps and forwards for the purposes of risk management.

 

Limits on the Investment Portfolio  

NSSF conducts a percentage control on the assets structure through strategic and tactical asset allocation.  In order to manage investment operation risks, the investment portfolio of NSSF shall observe the following limits:

Stock Assets ≤ 40%

Bank Deposits + Treasury Bonds + Policy Financial Bonds ≥ 40%

 local governments bonds+ Corporate Bonds ≤ 20%

Asset-backed Securitized Products ≤ 10%

Direct Equity Investment ≤ 20%

Equity Investment Fund ≤ 10%

Trust Investment ≤ 10%

Overseas Investment ≤ 20%

 

Building the First-class Assets Management Institution

 

The Eighteenth National Congress of the Communist Party of China put forward the magnificent objective of building a well-off society in an all-round way by 2020. In this objective, a more equitable and sustainable social security system which covers all the people in both urban and rural areas stands as a very important component. NSSF is China’s strategic reserve for the country’s social security cause, which plays a crucial role in the realization of the sustainable development of social security, particularly that of the pension system. To that end, SSF will persistently adhere to the approach of making progress while maintaining stability, actively push forward reform and innovation, further intensify the refined and scientific management of investment operation, press for a broader source for fund raising, improve laws and regulations on funds management, reinforce the talent recruitment and team building, ensure NSSF’s safety and the maintenance and appreciation of its value and thus build itself into a first-class asset management institution.

 

SSF’s Logo

 

The logo of SSF is composed of a classical and auspicious Chinese symbol “Fang Sheng” and the English abbreviation of “SSF”.  The logo is an expression of solidarity, excellence and good luck, which symbolizes good wishes for NSSF to be a fund that bears the people’s livelihood in its heart, keeps the principal, pursues growth and remains safe and liquid.

 

 
 
 
 
   

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