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2009年下半年,国务院同意辽宁省借支个人账户资金,弥补当期养老金支付缺口。这意味着,历经9年,所谓做实企业职工基本养老保险个人账户的试点,实质上已宣告流产。辽宁“借支”现象表明,做实城镇基本养老保险个人账户并不是中国公共养老保障制度改革的终点。在通过政府及各界投入做实个人账户的同时,为数额正在急速膨胀的数千亿个人账户养老基金寻觅出路,亦成为中国公共养老保障制度改革不可绕行的课题。监管部门应尽快研究出台个人账户基金投资管理办法。由于中国资本市场尚处于幼年时期,个人账户基金具体监管模式上,可以学习OECD国家中的“指导型原则”(Guidelines)。
In the second half of 2009, the State Council agreed to borrow funds from individual accounts in Liaoning Province to make up for the current pension payment gap. This means that after 9 years of testing, the so-called pilot project of fulfilling the basic old-age insurance personal accounts for enterprise employees has in fact declared a miscarriage. The “lending” phenomenon in Liaoning Province shows that it is not the end point of reforming the public pension insurance system in China to make a real personal urban basic old-age insurance account. While investing in personal accounts through the government and various sectors, the search for a way out for hundreds of billions of individual account pension funds, which is rapidly expanding, has also become an unmanageable issue for the reform of China’s public pension insurance system. Regulators should study the introduction of individual account fund investment management approach. As China’s capital market is still in its infancy, individual account funds can be regulated in specific regulatory ways and can learn from the “Guidelines” in OECD countries.