Food, clothing, housing and transportation are the basic needs of life, among which "living" is regarded as just needed by many people. These two days, there was an interesting meeting, which was closely related to "living".

　　The video and telephone conference on accelerating the development of affordable rental housing and further improving the regulation of the real estate market held on the 22nd reiterated that the house should be used for living, not for speculation, and the real estate should not be used as a short-term means to stimulate the economy.

　　The positioning of "staying in the house and not speculating" continued to consolidate, which made many people eat "reassuring".

　　The picture shows a commercial house near Madang Road in Shanghai. Xinhua News Agency reporter Chen Fei photo

　　Whether buying a house, renting a house or building a house, it is inseparable from money. Therefore, real estate finance is a key link in the implementation of "housing without speculation".

　　In recent years, China has accelerated the establishment and improvement of a long-term mechanism for real estate financial management, especially under the guidance of the "three lines and four files" rule and the real estate loan concentration management system, many housing enterprises have become more cautious and self-disciplined, and the concentration of real estate loans and personal housing loans of banking financial institutions has steadily decreased.

　　In June, the sales price increase of commercial housing in 70 large and medium-sized cities showed a steady and declining trend as a whole; At the same time, at the end of June, the growth rate of RMB real estate loans in China dropped by 2.2 percentage points from the end of last year.

　　It can be seen that the regulatory policies, including real estate financial policies, have been effective, the real estate credit environment in some cities has changed, and the price increase has stabilized.

　　What is the "sharp weapon" that can make regulation so immediate? How do the "three lines and four gears" rule and the real estate loan concentration management system play a role? Come and get to know it.

　　To promote the stable and healthy development of the real estate market, first of all, real estate enterprises need to be healthy. However, some real estate enterprises are greedy for perfection and blindly expand, and the financial indicators of core operations are "red light", which also leads to the phenomenon of high leverage and high debt in the real estate industry.

　　In order to enhance the marketization, regularity and transparency of financing for real estate enterprises, in August last year, the People’s Bank of China, the Ministry of Housing and Urban-Rural Development and relevant departments formed the fund monitoring and financing management rules for key real estate enterprises, that is, the "three lines and four files" rules.

　　The "three lines" are actually "three red lines", which specifically refer to: the asset-liability ratio is greater than 70%, the net debt ratio is greater than 100%, and the cash short-term debt ratio is less than 1 times after excluding advance payments.

　　According to the situation of stepping on the line, real estate enterprises are divided into four grades: red, orange, yellow and green: the scale of interest-bearing liabilities of "red-file" enterprises cannot be higher than the existing level; The annual growth rate of interest-bearing liabilities of "orange file" enterprises shall not exceed 5%; "Yellow file" enterprises shall not exceed 10%; "Green file" enterprises shall not exceed 15%.

　　With a clear "three lines and four gears", housing enterprises must meet the corresponding requirements and constantly optimize financial indicators if they want to raise funds. This is equivalent to a "physical examination" of the financial health of housing enterprises to help them better improve their financial management.

　　Behind health is self-discipline. When the financing behavior of housing enterprises is more prudent and self-disciplined, the overall operation tends to be stable. Having tasted the sweetness, more and more real estate enterprises have joined the ranks of "self-discipline". At the beginning of the pilot, the central bank selected 12 representative real estate enterprises as the pilot targets, and at the beginning of this year it expanded to 30 real estate enterprises with large debts.

　　Zou Lan, director of the Financial Market Department of the People’s Bank of China, said that the "three-line and four-gear" rule is effective from the situation and reactions from all walks of life in the past year. The three core operating financial indicators of the pilot enterprises, namely, asset-liability ratio, net debt ratio and short-term cash debt ratio, have obviously improved, and the debt scale has steadily declined. Many other real estate enterprises outside the pilot also actively benchmark the rules and optimize their own business practices.

　　The picture shows a qionghai city resident passing by an advertising slogan in front of a bank. Xinhua news agency

　　In addition to keeping an eye on the demand side, financing management cannot ignore the supply side. In addition to monitoring and managing the liabilities of housing enterprises, the People’s Bank of China also strengthens the management of banking financial institutions — — Formulate the management system of real estate loan concentration.

　　The system sets "two red lines" for the balance of real estate loans and the balance of personal housing loans for different types and sizes of banking institutions. The former ranges from 40% to 12.5%, while the latter ranges from 32.5% to 7.5%.

　　As the saying goes, eggs can’t be put in one basket. Bank credit should also focus on structural optimization, which is not only related to the risk of the institution itself, but also of great significance to the healthy and steady development of the whole economy.

　　Since the implementation of the system, the concentration of real estate loans and personal housing loans of banking financial institutions has steadily decreased. The data shows that at the end of June, the growth rate of China’s real estate development loan balance and personal housing loan balance dropped by 3.3 and 1.6 percentage points respectively compared with the end of the previous year.

　　In Zou Lan’s view, while the real estate loan business is subject to certain constraints, commercial banks have put more energy into supporting small and micro, "agriculture, rural areas and farmers" and other weak economic links, while the proportion of loans in key areas such as manufacturing and technological innovation has been improved.

　　The data shows that at the end of June, the balance of China’s Pratt & Whitney small and micro loans increased by 31% year-on-year, and the growth rate was 18.7 percentage points higher than that of various loans in the same period; The balance of medium and long-term loans in manufacturing industry increased by 41.6% year-on-year, and the growth rate was 16.9 percentage points higher than the same period of last year.

　　The People’s Bank of China said that the next step will continue to adhere to the positioning that houses are used for living, not for speculation, implement a long-term real estate mechanism, constantly improve the "three lines and four files" rules and the centralized management system of real estate loans, do a good job in policy implementation, improve the resilience and stability of the financial system, and promote the balanced development of finance, real estate and the real economy.

　　To firmly grasp the key of real estate finance, we must continue to strictly implement the "sharp weapon" of regulation and control, manage the supply and demand ends of real estate finance, and make the regulation and control policies more precise, which will not only accurately crack down on real estate speculation, but also better meet the needs. (Reporter Wu Yu)

　　With the country’s efforts to crack down on online telecom fraud, criminals are constantly renovating fraud. We have sorted out several recent scams, hoping that the public will constantly improve their anti-fraud skills and not give criminals an opportunity.

　　Scam 1: Pick up the lottery ticket and scrape out the "grand prize"

　　Walking on the road, I suddenly found a "grand prize lottery ticket". Did a pie fall from the sky?

　　For this kind of false lottery fraud cases, anti-fraud experts pointed out that swindlers distributed so-called "grand prize lottery tickets" everywhere, so as to attract people’s attention. Once someone was carried away by the "grand prize" and dialed the "redemption" phone number, they were likely to be cheated into paying "handling fees" and "bonus tax", causing economic losses. In addition, some lawless elements will "make a full set of plays" and create fake lottery websites in advance to dispel users’ doubts, thus tricking more people into being fooled.

　　Scam 2: Lie that you lost the courier and asked to add WeChat.

　　Recently, a new deception of posing as a courier company staff fraud appeared.

　　The fraudsters first pretended to be employees of the courier company and claimed to have lost the victim’s courier, intending to pay full compensation to the victim. Then, let the victim add WeChat.

　　In WeChat, the victim is first induced to borrow money online, and then a link with Trojan virus and a QR code are sent to the victim for connection, so that the virus in the victim’s mobile phone can defraud money.

　　Scam 3: wayward "boss" madly sends red packets.

　　"Never send it to the whole network in cash-filled red envelopes", "You can take the cash prize with a little finger forwarding" and "The boss gave money willfully on the tenth anniversary of a certain enterprise" … … Various exaggerated titles of "WeChat red envelopes" became popular in the WeChat group.

　　This kind of red envelope is different from ordinary red envelopes. After opening, it is not a cash-filled red envelopes, but a web link. To display a red envelope on a webpage, you need to share the red envelope link in multiple WeChat groups first. In order to show the authenticity of the red envelope, the words "XXX has successfully cashed out RMB" are often attached at the bottom of the webpage.

　　In fact, this kind of external red packets are mostly marketing advertisements, the purpose of which is to induce users to forward the web links that come with the red packets. However, there are also scammers who will not let you go after sharing, and will continue to induce users to participate in "preferential recharge activities". The result is often that the recharge is false, and the fraud is true. Moreover, in this process, once the user fills in the mobile phone number and other information, personal privacy may be exposed.

　　Not only is it risky to receive red envelopes, but you should also be careful when giving them. Send 30 to 60, send 500 to 1000, and you can get a double return when you send a red envelope in the group. Such a "good thing" should be careful of hidden traps. This kind of rebate behavior is very popular in QQ group and WeChat group recently. Some fraudsters set up so-called red envelope groups. In fact, 9 out of 10 people in the group are childcare. In addition, fraudsters will enhance the authenticity by forging a series of transfer records, and induce the victims to step into the trap step by step. After the victims send large red envelopes, the other party will directly pull the black, or let the victims continue to transfer money or send red envelopes on the grounds that the system is not received, causing more losses.

　　Scam 4: Fudge investment in the name of "virtual currency" and "blockchain"

　　Recently, a photo of a Chinese aunt posing at the blockchain conference became popular in the circle of friends, and netizens commented that the aunts had been targeted by the blockchain. Since the beginning of this year, some criminals have carried out pyramid schemes under the banner of blockchain finance, which has become one of the latest variants of pyramid schemes.

　　With the development of blockchain technology, various virtual currencies have emerged, and many of them are scams. Liars carry out pyramid schemes in the name of "virtual currency" and "blockchain", mainly to grasp the psychology of ordinary investors who don’t understand virtual currency and blockchain, but hope to catch up with the virtual currency investment boom. Its scams are often complicated and investors are easily fooled. Moreover, it is difficult to recover its investment after being fooled.

　　Experts remind that various virtual currency platforms generally promote technologies such as "blockchain" and "decentralization", and some are also named after international organizations and multinational financial groups, which is extremely confusing. Middle-aged and old friends must invest carefully and it is best not to set foot in unfamiliar investment fields.

　　Scam 5: Making the "Public Security Bureau" APP to deceive people into entering bank card information.

　　Different from the telecom fraud that used to pretend to be a public security officer, the swindler in this new telecom fraud made an "Intelligent Police System of the Public Security Bureau" APP that was confusing enough to trick the victim into entering information such as bank cards to defraud funds.

　　According to the police, the phishing APP made by scammers has the functions of "call transfer" and "SMS interception", which deliberately blocks the communication between the police and the victims. At the same time, the APP basically includes all prime bank in China, and does not require the victim to transfer money across banks or through online banking. Once the deceived person inputs the bank card number, ID card, mobile phone number, login password and transaction password, his bank account is basically in a "streaking" state. (According to Xinhua News Agency)

[Introduction] Some experts believe that the role of "internet plus" is omnipresent and omnipotent, and it can even break through the boundaries between countries, nationalities, classes and religions to build a brand-new era.

After the combination of intelligence, Internet of Things and big data, cloud computing and mobile Internet, its application space has also been greatly expanded, which can give birth to a series of "internet plus". Some experts believe that its role is ubiquitous and omnipotent, and it can even break through the boundaries between countries, nationalities, classes and religions to build a brand-new era.

Spreading new formats is constantly splitting.

Due to the explosive development of new technologies, the Internet format is changing with each passing day, which makes the Internet rapidly develop from the initial technical form to the application form, and various functional websites and formats are constantly emerging.

The first is the evolution of "internet plus". Mainly reflected in: the combination of network and business, the birth of Amazon, Alibaba, Taobao, JD.COM Mall, Jumeiyou products as the representative of e-commerce websites; The combination of network and news gave birth to news websites represented by Yahoo, AOL, People’s Daily and Xinhuanet. The combination of network and games gave birth to a pan-cultural network website represented by fun games, pigeon interaction and thunder. The combination of network and search service gave birth to search service websites represented by Google, Baidu and sogou. The combination of the Internet and social services gave birth to social service websites represented by Facebook, Twitter, Weibo and WeChat. The combination of network and service gave birth to Internet service websites represented by Leju, Cheetah Mobile and Zhaopin. In the 20 years’ development of domestic websites, three major websites have been initially woven: the first generation of comprehensive portals represented by Sina, Sohu and Netease constitute the initial content network; Social media represented by Sina Weibo and Tencent WeChat have realized the interconnection of interpersonal networks; Companies represented by IBM, Cisco, Intel, Microsoft, Huawei, ZTE, etc. connect everything through the Internet of Things technology.

Associated with this is the emergence of new formats. Due to the rapid development of websites, new formats based on networks are constantly emerging. For example, the "pan-entertainment" Internet continues to develop in depth: in 2014, many Internet companies represented by BAT (Baidu, Alibaba, Tencent) invested heavily in "pan-entertainment", and Internet genes were more and more deeply integrated into various traditional cultural fields such as film and television, drama and literature. In May, Tencent Literature spent 50 million yuan to develop a series of pan-entertainment cultural products for the new book "Choosing the Sky", a "great god" writer in the domestic online literature world. In August, the mobile game adaptation right of Tencent star animation "The Dead Brother" was announced to be exclusively authorized to Zhongqing Longtu Company for 50 million yuan; In September, Tencent once again launched the film and television business platform "Tencent Movie+"with high-quality IP (intellectual property) as the core, thus realizing the layout of its pan-entertainment interactive platform from games, animation, literature, film and television, drama and other multicultural industries. In 2014, Alibaba invested HK$ 6.24 billion to control China (later renamed Alibaba Pictures), a listed company in Hong Kong. Invested 6.2 billion yuan in China Digital Media; Invested US$ 1.22 billion in Youku Tudou … In addition, it has also reached cooperation with Huayi Brothers in the fields of entertainment treasure, e-commerce platform and film and television business. Baidu accelerated its investment in pan-entertainment in the second half of 2014: in August, it established Huace Aiqiyi Film with Huace Film and Television, and participated in film investment on a large scale; In September, we joined hands with China Film Co., Ltd. and CITIC Trust Co., Ltd. to launch the platform of "Baifa has a play";In October, he invested 1 billion yuan in Huace Film and Television, holding 5% of its shares; Baidu Literature was announced in November, aiming to build a complete three-dimensional industrial chain of online literature through the development of derivatives in various fields such as movies, games and animation.

For another example, the Internet continues to expand into the financial industry. In 2014, Internet finance developed rapidly, such as third-party payment, P2P (Peer-to-Peer, Channel-to-Channel) peer-to-peer lending, Internet crowdfunding, Internet fund sales and Internet insurance. Big-name Internet IT companies such as Alibaba, Tencent and Lenovo have successively invested in Internet finance to promote the continuous innovation of Internet financial service models.

In addition, the marriage of the Internet and commerce and the rise of big e-commerce have made the retail industry explode with new energy. In 2013, China’s online retail exceeded 1.8 trillion, surpassing the United States to become the world’s largest online retail country. The combination of the Internet and the car rental industry gave birth to the Internet online car rental industry, such as Didi taxis and fast taxis. Statistics show that in 2013, the transaction scale of China’s online car rental market was 3.42 billion yuan, a year-on-year increase of nearly 70%; In the second quarter of 2014, it reached 3.98 billion yuan, an increase of 22.5% from the previous quarter.

Social networking platforms are booming.

In the field of information dissemination, after the emergence of mobile internet, there have been waves of social networking platform upsurge. At first, it was the spread of short messages, which reached its climax during the Spring Festival on New Year’s Day in 2002. Therefore, the media forms derived from SMS, such as mobile newspaper, mobile TV and mobile radio, have a great influence.

Since then, QQ has suddenly emerged as the dominant player in the domestic instant messaging industry. During this period, Internet blog communication has gradually become popular in the network. Blog content is mainly written, but also focuses on art, photography, video, music, podcasts and other topics, which allows readers to leave comments in an interactive way. It is a giant of online communication and once had unlimited scenery. Later, Weibo appeared, which was more convenient, more timely and more casual than blog, and its influence was explosive. Weibo-style products include media Weibo, government affairs Weibo, campus Weibo and enterprise Weibo. With the emergence of Weibo, there have also been a number of Internet V’s that have caused a sensation throughout the country, and they can even influence public opinion online.

Then, after Weibo came WeChat, which is also the mobile instant messaging mode of the largest user group in Asia and even the world. Almost at the same time as Weibo and WeChat, there are clients. Clients mainly include mobile clients and game clients, and mobile clients are mainly mobile phones. With the advent of the 4G and 5G era, people can perform various corresponding network operations, such as obtaining information, music, bookstore, QQ, stocks, etc., after installing the corresponding software on their mobile phones, which greatly facilitates people’s life and information exchange.

Cross-border integration becomes the new normal

In the traditional media, the business model is mainly engaged in familiar or advantageous fields, but it is often broken in the Internet age. For example, Baidu, Alibaba and Tencent are Internet companies that started with search, e-commerce and instant messaging respectively, but today it is difficult to define which industry they belong to. When people talked about Baidu 10 years ago, they were talking about its search. Today, Baidu has already developed into a comprehensive ecological platform integrating search, promotion, navigation, community, games, entertainment, advertising, cloud computing and other business models, and now it has become one of the largest media in China.

Tencent’s appearance and cross-border of WeChat not only changed the living habits of China people in the past, but also broke the way of communication in the traditional era, balanced the balance of information asymmetry and strengthened the relationship between people. It also subverted the previous business operation mode and management mode to a greater extent, robbed the three major mobile operators in China of their jobs, and made China Mobile understand that its competitor was not China Unicom. The emergence of Alibaba’s Yu ‘ebao has made traditional banks on pins and needles.

Photo courtesy /gettyimages

Subversion becomes the normal path.

In the Internet era, the original business logic of traditional industries has undergone major changes. It can be said that there is no industry that cannot cross borders and no industry that cannot be subverted. For example, the birth of "Didi Taxi" has changed the traditional taxi market pattern and cultivated the modern travel mode of users in the era of mobile Internet. Since the "drip taxi" and "quick taxi" software, taxi drivers are busy taking orders. If you can’t use the taxi software, it may be difficult to get a taxi, because most taxis have been booked.

Letv improved its concept and technology with its super imagination, and achieved great success, subverting the original concept and winning the market. In 2014, they used September 19 to sell 100,000 TV sets a day, and used it to sell 64,000 TV sets a day, breaking many international records in the industry and winning the first place in many industries. The same is true of the publishing industry. Under the impact of various new media, the publishing industry has encountered many difficulties, even failing to find a future. However, the electronic industry publishing house has extended the "crowdfunding" thinking of the Internet to the publishing field. Their new book, Demolition of the Wall: Whole Network Revolution, was published by crowdfunding on the Internet by using the concepts and tools described in the book. Before the first printing, the book was pre-sold by crowdfunding and received a large number of orders. It took less than a week to raise the cost of publishing the book. Before it was published, the publishing house earned all the costs. Finally, when the new book met with readers, it was printed three times in a month. This way subverts the traditional mode that books go to readers through publishing houses and distribution channels, and adopts a brand-new Internet thinking mode. It is not only the success of a book, but also a model that the Internet subverts the traditional business model. (Li Ermei: Deputy Director and Chief Editor of Henan Daily Newspaper Group Network Center)

　　Since December 2016, the pensions that the capital market has been looking forward to have been "starting" one after another, and have been entrusted to operate for nearly three years.

　　By the end of September, the governments of 18 provinces (autonomous regions and municipalities) had signed entrusted investment contracts for basic old-age insurance funds with the National Social Security Fund Council, with a total contract value of 966 billion yuan, of which 799.2 billion yuan had been received and started to invest.

　　This latest set of data has heated up the topic of "entering the market" for pensions again. For the performance of "entering the market" in the past three years, the reporter of "Workers Daily" has been interviewing many experts recently. They said that as an important means to maintain and increase the value of pensions, the pace of pension investment and operation has gone steady. This is normal despite short-term fluctuations due to the influence of the capital market. At the same time, there is still much room for growth in the future.

　　The income is nearly 20 billion yuan.

　　The reporter found out that at the end of 2018, the first quarter, the second quarter and the third quarter of this year, the funds received by the entrusted operation of pensions were 605 billion yuan, 624.869 billion yuan, 706.2 billion yuan and 799.2 billion yuan respectively. Compared with the working capital received in the three quarters of this year, it increased by about 19.9 billion yuan, 81.3 billion yuan and 93 billion yuan respectively.

　　Fang Lianquan, Secretary-General of the World Social Security Research Center of China Academy of Social Sciences, thinks that it means that the pension "entering the market" is steadily advancing, the scale is constantly expanding, and the pace is accelerated, which is linked to the reduction of social security fees this year. "After the fee reduction, it is necessary to increase the income of social security funds through multiple channels. Investing in and operating the basic endowment insurance fund is one of the channels, which is conducive to maintaining and increasing the value of the fund. "

　　After the implementation of the comprehensive fee reduction plan in May this year, Nie Mingjuan, director of the Department of Endowment Insurance of the Ministry of Human Resources and Social Security, said recently that local implementation is relatively in place, and all provinces with pension insurance unit rates higher than 16% have dropped to 16%. By the end of September, the total cost reduction of enterprise pension insurance, unemployment insurance and industrial injury insurance was 272.5 billion yuan.

　　According to the Measures for the Administration of Investment in Basic Endowment Insurance Funds promulgated in August 2015, provincial governments, as the trustors of entrusted investment in pension funds, can determine the specific investment amount and entrust investment operation after reserving certain payment fees in combination with the balance of local pension funds.

　　So, what are the benefits? Judging from the 2018 annual report on the entrusted operation of the basic old-age insurance fund published by the National Social Security Fund Council, as of the end of 2018, the Social Security Fund has signed entrusted investment contracts with 17 provinces (autonomous regions and municipalities), all of which are guaranteed for a period of five years, with a cumulative investment income of 18.683 billion yuan.

　　"Pension ‘ Entering the market ’ After that, the steps went more steadily. " Lu Quan, secretary-general of China Social Security Society and associate professor of Renmin University of China, told the reporter that the basic old-age insurance is a pay-as-you-go system. It is necessary to clarify whether the pension invested is a balance of the overall account or a personal account. "If it is a personal account balance, the rate of return should be able to outperform the wage growth rate and inflation rate."

　　Don’t panic, it’s fluctuation, not decline.

　　Since it was commissioned to operate, the reporter noted that in 2018, the investment return rate of the basic old-age insurance fund was 2.56%, which was 2.67% lower than that of 5.23% in 2017.

　　Why is it falling? For this question thrown by the reporter, Fang Lianquan made a revision of the statement, "It is a fluctuation, not a decline. Investment operation is a market behavior, and short-term fluctuations are inevitable. "

　　In fact, for the 2.56% earnings report card, many interviewed experts analyzed it as normal market performance.

　　"Last year, the overall operation of the capital market was not very prosperous, which had a great impact on basic pension investment. Overall, the income of 2.56% last year was still normal. " Dong Keyong, secretary-general of the 50-member Forum on China’s Pension Finance, told reporters that there is a certain period in the investment and operation of the basic pension insurance fund, and its assessment and evaluation should focus on the long-term perspective, rather than paying too much attention to the short-term rate of return.

　　Regarding the fluctuation of the rate of return, Lu Quan told reporters that this also shows that the capital market is uncertain and there are systemic risks including increasing downward pressure on the economy and fluctuations in the capital market. Therefore, in the long run, he believes that it is necessary to establish a risk hedging mechanism. "When some European and American countries invest in operating pensions, they mostly smooth the average rate of return for 20 or 30 years to avoid systemic risks."

　　It is worth noting that many people have misunderstandings about the market-oriented operation of pensions. In fact, it is not "stock trading", but a diversified investment portfolio, which fights inflation, maintains value and increases value, covering more than 20 investment products. The proportion of investment in stocks, stock funds, mixed funds and stock-based pension products shall not exceed 30% of the net asset value of the fund.

　　In response to people’s concern about whether "entering the market" will affect pension benefits, Fang Lianquan pointed out that the investment and operation of basic pensions are not directly linked to individual pension benefits, and the amount of personal pensions is based on relevant pension calculation and payment methods. If you make money, the total amount of the fund will increase, and you will be more able to guarantee payment, with more balances and stronger sustainability.

　　There is a lot of room for future increment.

　　Judging from the latest bill of pensions, from January to July this year, the income and expenditure of the basic old-age insurance fund for enterprise employees nationwide were 2.2 trillion yuan, with a balance of more than 200 billion yuan and a cumulative balance of about 5 trillion yuan. Compared with the accumulated balance, the proportion of local contracted entrusted investment is still less than 20%. In this regard, Fang Lianquan believes that it is necessary to increase efforts to promote fund collection and expand the scale of entrusted investment.

　　In the future, there is a large space for pension investment. Wang Wenling, vice chairman of the National Social Security Fund Council, pointed out, "At the end of 2018, the balance of basic old-age insurance reached more than 5 trillion yuan, and the balance in Guangdong Province was 1 trillion yuan. Now it is entrusted to invest 100 billion yuan. Beijing has a balance of 200 billion yuan. It can be seen that there is still much room for improvement in the proportion of investment funds for basic endowment insurance funds. "

　　The reporter learned that nearly 800 billion yuan of investment has come from the basic old-age insurance managed by the government, which is the "first pillar" in China’s current old-age insurance system. With the increasing pressure of pension payment brought by the aging development, the state has made continuous efforts to build the "second pillar" of the old-age insurance system, namely enterprise annuity and occupational annuity, and the "third pillar" of personal savings pension insurance and commercial pension insurance, and gradually promoted the improvement of the three-pillar old-age insurance system.

　　"Pension ‘ Entering the market ’ In fact, it is a comprehensive concept, including one, two and three pillars of investment funds. " Dong Keyong predicted that the investment funds of the first pillar in the future will still follow the principle of prudence and maintain reasonable growth. In the short term, the "market entry" funds of the second and third pillars cannot surpass the "market entry" funds of the first pillar for the time being. However, with the development and perfection of the pension system in China, the space for the pension to enter the market is actually in the "fund plate" of the second and third pillars.

　　Lu Quan agreed with this view. He believes that among the three pillars, the first pillar of basic old-age insurance should adhere to pay-as-you-go and realize mutual assistance among all workers, while the second pillar and the third pillar adopt a complete accumulation system, and this part of accumulated funds should be invested more in the capital market to maintain and increase the value on the premise of ensuring the safety of the fund.

　　In addition, on October 30th, the website of the Ministry of Finance published the Letter of the Ministry of Finance on the Proposal No.0613 (Finance and Taxation No.038) of the Second Session of the 13th CPPCC National Committee. In the reply letter, the Ministry of Finance pointed out that with the gradual maturity of the market and the gradual enrichment of the experience of individual investors, more and more annuity plans will give individual investment options.

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