Pension Fund In China, The Management Of Research

Social security is an imporant and eternal topic for a country and its government. China`s politics, economy and society are in a period of rapid development and changes. The political system and economic system need to be rebuilt and improved. The construction of the social security system, which has an extensive and profound impact on the politics, econemy and society, has also aroused great concern from all sectors of society! The raising,operation,payment,and supervision systems of Old-age insurance fund consititute core content of social security system.The Old-age insurance fund management indicates the advanced degree of social security system to a large extent.The paper aims to propose the writer's personal opinion and do some good for anhancing management of Old-age insurance fund in our country.As a grass-root fund manager, the author found that there were some problems existing in current fund management system. The author encounterd some difficulties and confusion during the work, which motivated him to find the cause and solution. It is the practical experience of the author, which also serves as the framework and methodology of this paper. Based on the theory of public administration and the successful experience of other countries, this paper proposed the research questions from the practical perspective and drawed a systematic conclusion with the approach of contrastive analysis.Everything has its history. China's old-age insurance fund management system has a history of 50 years, which can be divided into 3 stages: the stage of planned economy, the stage of reform and development and the stage of perfection.China's old-age insurance fund management is an important part of our country's political and economic life. It has a close relationship with various political and economic factors. They influence, restrict and promote each other. These factors are mainly demographic, economic, governmental and legal. They are the root causes as well as fundation for settlement of the issue. In fund management practice, there exist many complicated problems which were categorized in this paper. Based on the natural process of the fund management, the author divided them into 4 steps, namely, fund raising, fund management and operation, fund payment, and fund supervision. The raising of the questions and the solutions are all based on this process, with the purpose of making a systematic and clear article. The main problems in current fund management include failure of fund raising, which was discussed from the point of individual interest of governments, enterprises and workers; decentralised management, operation without funds and narrow investment channals, which are the root causes for loss of funds and low rate of return; high rate of replacement and impersonation in pension payment, and so on. These problems increase the pressure of payment and careless supervision of funds, which are featured in absence of supervisors, unclear responsibility, and information asymmetry. These features result in insufficient supervision and they are also the main reasons for high rate of outlaw cases in fund management.In allusion to the above issues and on the basis of our national conditions, the author proposed reformative measures, namely, improving the legislation to make the fund management regulations an complete system; strengthening the governments'responsibility to speed up digesting of reconstruction costs and deal with the acceleration of population aging; lowering premium rates and implementation of fees-into-taxes to enlarge insurance coverage and reducing the burden of enterprises; implementing of diversified investors to improve profitability and increase the value; raising the age of retirement to reduce the payment burden; constructing the supervising system, standardizing the supervisors, clarifying the responsibility and intensifying supervising fundations to make the fund much safer. These measures aim at making China's insurance fund management more standard and systematic, and improving the effectiveness and maneuverability of the fund management. Among these measures, the improvement of legislation and implementation of diversified investors have been reached a consensus in theoretical field. The governments have also accepted them and have made experiments in some regions. The other measures, which are the author's personal views, are still in controversy in theoretical field; and the author expects to have a discussion with anybody who has interest in them.