Local pensions to be invested in stocks
By Louise Ho |
January 18, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S national pension fund has been approved to invest 100 billion yuan (US$15.8 billion) from a southern province in the stock market, media reported yesterday.
The government has given the green light to the province, which was not identified, to offer the amount in pensions to the National Council for Social Security Fund to invest in stocks and bonds from this quarter, according to the China Securities Journal.
The majority of the investment will be in fixed assets while 30 to 40 percent will be allotted to stocks, according to the newspaper.
Dai Xianglong, president of the NCSSF, which runs the national pension fund estimated at 800 billion yuan, suggested earlier this month that more prosperous provinces be allowed to use their local pensions to invest in stocks.
The newspaper, however, quoted an unnamed source as saying that Dai's suggestion needed further studies.
Encouraged by the news of the approval, Shanghai stocks had the biggest rally yesterday in two years, closing 4.2 percent higher at 2,298.38.
Since 2003 the NCSSF has invested up to 40 percent of its pensions in equities, the report said.
The government has given the green light to the province, which was not identified, to offer the amount in pensions to the National Council for Social Security Fund to invest in stocks and bonds from this quarter, according to the China Securities Journal.
The majority of the investment will be in fixed assets while 30 to 40 percent will be allotted to stocks, according to the newspaper.
Dai Xianglong, president of the NCSSF, which runs the national pension fund estimated at 800 billion yuan, suggested earlier this month that more prosperous provinces be allowed to use their local pensions to invest in stocks.
The newspaper, however, quoted an unnamed source as saying that Dai's suggestion needed further studies.
Encouraged by the news of the approval, Shanghai stocks had the biggest rally yesterday in two years, closing 4.2 percent higher at 2,298.38.
Since 2003 the NCSSF has invested up to 40 percent of its pensions in equities, the report said.
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