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由美国次贷危机引发的国际金融危机对实体经济和资本市场都造成了极大的冲击,作为大型机构投资者的养老基金同样未能幸免。OECD国家一方面纷纷采取措施应对危机的直接影响,另一方面也加快了养老金制度的改革进程。中国养老金投资运营管理改革必须沿着业已证明成功的市场化投资运营管理的方向前进,这种变革将引领我们进入到一个养老基金与资本市场紧密结合、通过市场化投资实现“工人阶级掌握生产资料所有权”的“养老基金的社会主义化”阶段。在此过程中,我们应该注重资产配置动态优化,加强投资风险管理,构建基于风险的监管体系。
The international financial crisis triggered by the U.S. subprime mortgage crisis has had a tremendous impact on both the real economy and the capital markets. As a large institutional investor, pension funds are equally spared. On the one hand, OECD countries have taken measures to cope with the direct impact of the crisis, and on the other hand, they have accelerated the reform process of the pension system. The reform of China’s pension investment and operation management must follow the proven marketization of investment and operation management. This change will lead us into a pension fund closely integrated with the capital market and achieve market-oriented investment. “The working class has mastered Ownership of Production Materials ”“ Socialization of Pension Funds ”stage. In this process, we should focus on the dynamic optimization of asset allocation, strengthen investment risk management, and build a risk-based regulatory system.