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China’s pension fund to flow into stock market this year
今年，中国养老金将流入股市
China’s massive pension fund may begin investing in the nation’s A-share
markets this year, an anticipated move that will channel approximately 600
billion yuan (92.28 billion dollars) into the equity market and likely improve
its liquidity.
中国庞大的养老金可能会从今年开始在全国的A股市场投资，此举有望使大约6000亿人民币流入股市，并有可能提高其流动性。
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.
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。
As of last Friday, the nation’s A-share markets’ combined value totalled
about 44 trillion yuan.
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.
中国养老金，大约占全国总社保基金池的90%，到2015年底已有的3.98万亿元的净资产。
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.
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。
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."
人力资源和社会保障部部长尹蔚民上周表示：“如何投资的详细指引很快会公布，投资将通过委托机构的投资者进行。”
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 and
that the move will bring a wave of liquidity.
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，而且此举将带来一波流动性。
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.
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。
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.
研究人员表示，把所有可投资的养老金完全注入股市还需要一定时间。
Provinces that have already piloted their local pension funds to be
invested in the equity market have reported positive yields.
已经把当地养老金投资到股票市场的试验省份，已经报告了可观的收益。
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.
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，英大证券有限责任公司首席经济学家李大霄说。
But analysts also warned of the difficulties in consolidating the pension
fund. They said it may take longer for the entire 600-billion-yuan fund to be
fully injected into the market.
但分析师也提醒人们意识到巩固养老保险基金的困难。他们说，这可能需要更长的时间让6000亿人民币基金全部充分注入市场。
China’s pension funds are a patchwork system mostly overseen by city and
county-level governments and it has been difficult to consolidate
provincial-level funds, said Yang Yansui, director of the Center for Employment
and Social Security at Tsinghua University.
中国养老金是由城市和县级政府的监督东拼西凑的系统，巩固省级资金一向有困难，清华大学就业和社会保障中心主任杨燕绥说。
Aijian Securities Co Ltd, in a research note, said that as authorities
stress an active but cautious approach, the investible portion of the pension
fund will enter into the equity market in batches.
爱建证券有限责任公司在一份研究报告中表示，由于当局强调积极但谨慎的办法，可投资的养老金将分批进入股市。
It also said that it is likely that the pension fund will initially be
invested in blue-chip, large-capital stocks that are relatively stable before
moving onto riskier stocks.
它还说，养老基金可能首先投资到相对稳定的蓝筹股和大型股，再移向风险较高的股票。
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