一财社论：充实社保需制度性护航

Core Viewpoint - The recent tax policy announced by the Ministry of Finance and the State Taxation Administration aims to provide a stable income source for the social security system by exempting relevant taxes on the transfer of state-owned equity and cash income to the social security fund, effective from April 1, 2024 [1] Group 1 - The tax exemption policy is expected to accelerate the transfer of state-owned capital to the social security fund, alleviating current payment pressures and supporting economic transformation driven by consumption [1][2] - The policy will improve the financial situation of state-owned enterprises (SOEs) by incentivizing them to optimize capital allocation and enhance cash flow, thus encouraging participation in the capital transfer process [2][3] - The establishment of a stable and predictable system for capital transfer to the social security fund is crucial, requiring a consensus mechanism among stakeholders to minimize conflicts of interest [2][3] Group 2 - The proposed asset yield and beneficiary rights transfer model could bypass the existing 10% cap on state-owned equity transfers, reducing governance complexities for SOEs and lowering friction costs associated with capital transfers [3][4] - The transfer of state-owned capital to the social security fund is designed to address the financial pressures of an aging population, providing a stable income source without altering the current interest structure [3][4] - By transforming state-owned capital from production-oriented to consumption-oriented support, the policy aims to enhance pension replacement rates and encourage greater participation in the social security system [4][5] Group 3 - The social security system is viewed as a cross-period option arrangement that connects present and future financial security, with the successful implementation of the capital transfer policy enhancing public confidence in social security [5]