Core Insights - The Ministry of Human Resources and Social Security has been expanding the scale of entrusted investment and improving investment returns during the 14th Five-Year Plan period [1][3] - The scale of basic pension insurance fund investment operations has reached 2.6 trillion yuan, doubling compared to the end of the 13th Five-Year Plan [1][3] - Since the launch of investment operations at the end of 2016, the basic pension insurance fund has achieved positive returns for eight consecutive years, with an average annual investment return rate of 5.15% [1][3] Investment Fund Management - The Ministry is enhancing the management of fund operations, strengthening risk prevention, improving information disclosure, and refining long-term assessment mechanisms [3] - The scale of enterprise (occupational) annuity funds has reached 7.56 trillion yuan, an increase of 4.02 trillion yuan compared to the end of the 13th Five-Year Plan [3] - During the 14th Five-Year Plan period, the investment income of enterprise (occupational) annuity funds exceeded 756 billion yuan [3] Future Plans - The scale of fund operations is expected to continue to expand steadily, with a focus on improving the safety and value preservation system of social security funds [3] - The Ministry aims to ensure the long-term stability and value preservation of the funds [3]

Core Insights - The social security fund's preservation and appreciation are crucial for the interests of insured individuals and the sustainable development of social security [1][2][3] - The Ministry of Human Resources and Social Security (MoHRSS) emphasizes safe, compliant, and market-oriented operations to enhance the fund's long-term support capabilities [1][3] Group 1: Basic Pension Insurance Fund - The basic pension insurance fund has achieved steady appreciation, with an investment operation scale of 2.6 trillion yuan, doubling since the end of the 13th Five-Year Plan [1] - The fund has realized positive returns for eight consecutive years since its investment operation began in 2016, with an average annual investment return rate of 5.15% [1] Group 2: Enterprise (Occupational) Annuity Fund - The enterprise (occupational) annuity fund has expanded to 7.56 trillion yuan, an increase of 4.02 trillion yuan since the end of the 13th Five-Year Plan [2] - During the 14th Five-Year Plan period, the investment income of enterprise (occupational) annuity funds exceeded 756 billion yuan [2] Group 3: National Social Security Fund - The National Social Security Fund, established to address population aging and enhance the sustainability of the pension system, has a scale of 3.22 trillion yuan as of the end of August [2] - The fund has achieved an average annual investment return rate of 7.55% since its establishment in 2000, with an additional 2.26 trillion yuan from the transfer of state-owned capital and cash income [2] Group 4: Future Outlook - The MoHRSS plans to steadily expand the fund's operational scale and improve the preservation and appreciation system, ensuring long-term stability and growth [3]

9月26日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会。人力资源社会保障部副部长李 忠在会上表示，社保基金保值增值事关广大参保人员的切身利益，是提高基金长期支撑能力、推动社会 保障事业高质量可持续发展的重要举措。 储备基金提供长期保障。设立全国社会保障基金、实施划转国有资本充实社保基金，是我国积极应对人 口老龄化、增强养老保险制度可持续性的重要举措。"十四五"期间，全国社会保障基金持续做大做强， 划转充实社保基金国有股权承接和运营工作稳步推进。作为长期储备的全国社会保障基金，规模为3.22 万亿元，该基金从2000年成立以来，年均投资收益率7.55%，此外还有中央层面划转充实社保基金的国 有资本及现金收益2.26万亿元，这些资金都将为进一步增强社会保障制度的可持续性发挥积极作用。 基本养老保险基金实现稳健增值。"十四五"期间，人社部持续扩大委托规模、提升投资收益，扎实做好 基本养老保险基金委托投资运营各项工作。目前，基本养老保险基金投资运营规模2.6万亿元，比"十三 五"期末翻了一番。基本养老保险基金自2016年底启动投资运营以来，连续8年实现正收益，年均投资收 益率5.15%，较好实现了保值增 ...

近日，社保基金又迎来了利好政策！ 《通知》主要内容如下： 一是对承接主体在运用划转的国有股权和现金收益投资过程中，贷款服务取得的全部利息及利息性质的收入和金融商品转让收入，免征增值税。 二是将转让划转的国有股权及现金收益投资取得的收入，作为企业所得税不征税收入。 三是承接主体转让划转的非上市公司国有股权，免征承接主体应缴纳的印花税。 四是对承接主体转让划转的上市公司国有股权，以及运用现金收益买卖证券应缴纳的证券交易印花税，实行先征后返。 为支持划转充实社保基金国有股权及现金收益运作管理，财政部、税务总局发布《关于划转充实社保基金国有股权及现金收益运作管理税收政策的通知》 （以下简称《通知》）明确了四项税收优惠政策。 专家表示，这些措施将显著提高投资回报率，增强承接主体的投资动力。同时，税收优惠降低了试错成本，鼓励承接主体从传统低风险资产（如国债）转 向多元化配置，例如增加权益类资产、REITs或跨境投资，从而在风险可控前提下提升收益弹性，真正实现社保基金保值增值。 我们先来了解一下几个基本概念 这里提到的"承接主体"，指的是负责国有股权及现金收益运作管理的主体，包括：全国社会保障基金理事会以及由各省、自治区、 ...

Core Viewpoint - The article discusses the implementation of tax exemption measures to enhance the net income of entities managing the social security fund, which is expected to transform the capital market from short-term speculation to long-term value investment [2][6]. Tax Exemption Measures - Four tax exemption measures are outlined to support the management of state-owned equity and cash income for the social security fund, effective from April 1, 2024 [3][4][5]. - The measures include: 1. Exemption from VAT on all interest and interest-like income from loans and financial product transfers [3]. 2. Income from the transfer of state-owned equity and cash income investments will not be subject to corporate income tax [4]. 3. Exemption from stamp duty on the transfer of non-listed state-owned equity [5]. 4. For listed state-owned equity transfers and securities transactions using cash income, a system of prior collection and subsequent refund of stamp duty will be implemented [5]. Impact on Investment Behavior - The tax incentives are expected to lower transaction costs and encourage entities to diversify their investments beyond traditional low-risk assets, potentially increasing returns [6]. - The measures aim to enhance the investment motivation of the entities managing the social security fund, thereby improving overall investment returns [5][6]. Policy Signals - The policy sends three significant signals to the market: 1. "Stabilizing expectations" by reinforcing the long-term stability of the social security fund amidst increasing pension payment pressures due to aging demographics [7]. 2. "Promoting reform" by indicating the government's acceleration of state-owned enterprise reform linked to the social security system [8]. 3. "Stabilizing the market" by reducing investment costs for managing entities, encouraging them to allocate more to the capital market, thus injecting long-term capital into markets like A-shares [9]. Sustainable Policy Framework - The transfer of state-owned capital to bolster the social security fund is a crucial measure for enhancing the sustainability of the basic pension insurance system [10]. - The article highlights the evolution of policies from the initial 2017 plan to the 2024 operational guidelines, culminating in the current tax incentives, which collectively form a sustainable framework for capital transfer and appreciation [11].

Core Viewpoint - The Ministry of Finance and the State Administration of Taxation have announced four tax exemption measures to support the transfer and management of state-owned equity and cash income to bolster the social security fund, effective from April 1, 2024 [1][2]. Group 1: Tax Exemption Measures - The first measure exempts value-added tax on all interest and interest-like income from loans and financial product transfer income obtained by the receiving entities during the investment process [2]. - The second measure classifies income from the transfer of state-owned equity and cash income investments as non-taxable income for corporate income tax purposes [3]. - The third measure exempts the stamp duty that the receiving entities should pay when transferring non-listed state-owned equity [4]. - The fourth measure implements a "first collect, then return" policy for stamp duty on the transfer of listed state-owned equity and securities transaction stamp duty incurred from cash income [4]. Group 2: Implications for Investment - These tax incentives are expected to significantly enhance the net income space for receiving entities, encouraging them to diversify their investments beyond traditional low-risk assets like government bonds to include equities, REITs, and cross-border investments [5]. - The measures are anticipated to improve investment returns and motivate receiving entities to engage more actively in the capital market, potentially stabilizing market confidence and shifting focus from short-term speculation to long-term value [5]. Group 3: Policy Framework and Background - The transfer of state-owned capital to enrich the social security fund is a crucial initiative aimed at enhancing the sustainability of the basic pension insurance system, as outlined in the 2017 implementation plan [6][7]. - The 2024 operational guidelines specify that at least 50% of the cumulative cash income from local entities will be entrusted to the National Social Security Fund Council for investment, while the remaining portion will be managed by local entities within specified limits [7]. - The tax exemption policy directly addresses the core contradictions of "preserving and increasing the value" of the social security fund and "intergenerational equity," forming a sustainable policy framework from "capital transfer" to "capital appreciation" [7].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have issued a notification to implement four tax exemption measures to support the transfer and management of state-owned equity and cash income for the social security fund, effective from April 1, 2024 [1][2]. Tax Exemption Measures - The first measure exempts value-added tax on all interest and interest-like income from loans and financial product transfer income obtained by the receiving entities during the investment process of transferred state-owned equity and cash income [2]. - The second measure classifies income from the transfer of state-owned equity and cash income as non-taxable income for corporate income tax purposes [3]. - The third measure exempts the stamp duty that the receiving entities should pay when transferring non-listed state-owned equity [4]. - The fourth measure implements a "first collect, then return" policy for stamp duty on the transfer of listed state-owned equity and on securities transactions using cash income [4]. Impact on Investment Dynamics - The tax incentives are expected to enhance the net income space for receiving entities, thereby increasing their investment returns and encouraging them to diversify their asset allocation beyond traditional low-risk assets [5]. - The measures are anticipated to transform the social security fund into a long-term institutional investor in the capital market, promoting a shift from short-term speculation to long-term value investment [5]. Policy Significance - The notification signals a commitment to stabilize expectations, promote reforms, and support the market by reducing investment costs for receiving entities, thereby injecting long-term capital into the market [5]. - The policy aims to address the sustainability of the basic pension insurance system amid increasing aging population pressures and to enhance public confidence in the social security system [5]. Historical Context - The transfer of state-owned capital to supplement the social security fund is a significant initiative by the central government, aimed at addressing the pension fund shortfall by transferring 10% of state-owned equity from major enterprises and financial institutions [7]. - The operational framework for managing the cash income from these transfers has been established, with a focus on market-oriented and professional management principles [8].

Core Viewpoint - The article discusses the recent tax policy issued by the Ministry of Finance and the State Administration of Taxation, which introduces four tax exemption measures to support the transfer and management of state-owned equity and cash income for the social security fund, effective from April 1, 2024. These measures are expected to enhance the net income of the receiving entities and position the social security fund as a long-term institutional investor in the capital market, promoting a shift from short-term speculation to long-term value investment [1][6]. Tax Exemption Measures - The four tax exemption measures include: 1. Exemption from value-added tax on all interest and interest-like income from loan services and financial product transfer income obtained during the investment process of transferred state-owned equity and cash income [3]. 2. Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [4]. 3. Exemption from stamp duty for the transfer of non-listed state-owned equity by the receiving entities [5]. 4. For the transfer of listed state-owned equity and the securities transaction stamp duty incurred from cash income investments, a system of prior collection and subsequent refund will be implemented [5]. Impact on Investment Dynamics - The tax incentives are expected to directly enhance the net income space for the receiving entities. For instance, the exemption from value-added tax can lower transaction costs, allowing investment returns to be fully realized. The stamp duty exemption encourages participation in the non-listed equity market, while the non-taxable status of transfer income amplifies the actual retention ratio of investment returns. These measures are anticipated to significantly improve investment return rates and motivate the receiving entities to invest more actively [6][8]. Broader Policy Implications - The introduction of these tax incentives sends three key policy signals: 1. "Stabilizing expectations" by reinforcing the long-term stability of the social security fund and alleviating pension payment pressures due to an aging population [8]. 2. "Promoting reform" by indicating the government's acceleration of state-owned enterprise reform in conjunction with the social security system [8]. 3. "Stabilizing the market" by reducing investment costs for receiving entities, indirectly encouraging increased allocation to the capital market, thus injecting long-term funds into markets like A-shares [8]. Sustainable Policy Framework - The transfer of part of the state-owned capital to bolster the social security fund is a significant measure taken by the central government to enhance the sustainability of the basic pension insurance system. The framework established in 2017 aimed to address the pension fund gap by transferring 10% of state-owned equity from major state-owned enterprises and financial institutions. With the completion of the transfer process, the receiving entities are now positioned to manage and operate these assets effectively [10][11]. - The recent tax policy is seen as a crucial execution guarantee that complements the foundational framework established in 2017 and the operational guidelines set in 2024, creating a closed loop from "capital transfer" to "capital appreciation" [11].