Category: Money tips Release Date: 2007-05-22
Not long ago, China's Social Security Fund Council, chairman of Hong Kong, Xiang said that the social security fund, if not been able to come to Hong Kong this year, investment, he would resign.
China Social Security Fund Board Chairman, former Minister of Finance Xiang
Xiang the helm of the hands, is up to 2,000 billion yuan, 'the people afloat for money'. How to use the money, can add value, involving hundreds of millions of sickness and death. Therefore, the importance of Xiang can not be overstated.
In February 2006, Xiang reached the age of 67 years. In the Mainland, many of his own age who had been on the Hanyinongsun life.
'Enrichment' master test the water of Lights Xiang's hands in charge of the 200 billion yuan in China's social security fund. In December 2005, he was in Hong Kong, said: 'Social Security Fund in 2006 if they failed to come to Hong Kong investment, I will resign. 'Obedient listening, Hong Kong stock market immediately leapt from a beautiful vision: the Social Security Fund in 2006 to Hong Kong to matter is a foregone conclusion, the substantial capital inflows can be the formation of strong support for the Hong Kong stock and the consolidation of an international financial center.
Hold such thinking is to Xiang saw as God of Wealth. But he is actually very short of money.
As everyone knows, the Chinese society in the next two or three decades will face a severe crisis of an aging population. Xiang runs the 2,000 billion yuan, 'is the aging of society for the future arrival of a rainy day', speak plainly, the money that is the Chinese people's future pensions. While the World Bank published in 2005 reported that between 2001 to 2075, China's basic old-age insurance, the balance of payments deficit will reach 9.15 trillion yuan. Xiang own social security fund gap measure was 6.1 trillion yuan - the gap with such amazing compared to 200 billion yuan obvious drop in the bucket.
From May 2003 he became chairman of the Social Security Fund Council, a post since, Xiang main task is to find the money, as well as making the money.
Prior to his arrival, the Chinese social security fund has four main sources of funds: fiscal transfers, state-owned shares and the transfer of revenues, lottery revenues and investment income. Among them, the central financial allocation is the largest source of funding, but the beginning of 2001, social security fund in the financial allocations decline every year, by 2003, simply go hungry in.
The lottery revenue is only 50 billion yuan every year. As for the Fund's investment income, then the 'low because of investment channels, low interest rates and stock market downturn', the past few years have hovered at around 3%, only with the three-year bank deposit rate equivalent to social security funds can not expect it to add value.
Objectively speaking, Xiang since she took office to hand over the transcripts by far better than his predecessor: In the seven months after he took office, 'according to transfer some state-owned assets, enriching the social security fund' has been written into the 10 sixth Third Plenary Session, "CPC Central Committee on perfecting the socialist market economic system, the decision of a number of issues" in - this means that the SASAC Xiang got a 'alms' gold medal authority arrow, the Social Security Fund has been a reliable source of funding assurance; Moreover, Xiang to persuade the State Department agreed that the central social security fund investment level, some state-owned banks and to Hong Kong to operate - which in turn means that the Social Security Fund's investment channels will be greatly broadened.
In this context, see 'Social Security Fund come to Hong Kong', 'item the God of Wealth' and the objective is obviously, he is to go gold rush. Sound does not seem bad, why are some people in the mainland market is still very deeply disturbed and generate resentment it?
