其实在过去也曾经划转过国有资本，比如说在2020年就划转了，国有企业单位经营利润大约是在1.4万亿左右，今年2025年上半年，根据中央财政相关的报 告也指出，划转了1.1万亿财政补助金进入到社保基金，也就是说划转国有资本，其实在过去已经形成一种常态化，只不过从未出现过划转20万亿这么高额 的水平。 目前来看，社保基金的累计结余，依然是能够保证退休人员按时足额的发放养老金，并且能够连续支付至少14个月以上，所以我认为即便划转国有资本，也 完全没有必要划转20万亿至高，因为一下子拿出这么一大笔资金来，确实也不容易，而且还很可能造成资金的浪费，所以按照过去的这样的一个划转标准， 相对来说也是比较合理和客观的，我认为是比较可行的。 所谓专家所提出的建议，我认为非常不错， 但是能否能够落实和实施，这一点是非常重要的，毕竟想要可行性的实施才是一个重点和重中之重，并不是说 空口无凭的去讲这句话，那么谁都会讲，但是能不能够落实到位，这是很关键的，所以有这样的提议，我们是要为专家点赞的，如果说今后能够落实到位， 那么可以说这就是非常巨大的贡献了。 我们都知道社保基金，是给予退休人员发放养老金待遇的主体账户。社保基金的充足对于我 ...

Core Viewpoint - The recent policy allowing the transfer of state-owned capital to social security funds is a significant benefit for pension funds, providing financial support for both active and retired personnel [1][11]. Tax Exemption Details - The policy exempts the transfer of state-owned equity and cash income from three types of taxes: value-added tax (VAT), corporate income tax, and stamp duty [1][11]. Value-Added Tax (VAT) - Income from loan services and financial product transfers derived from the transferred state-owned capital will be exempt from VAT, which is typically set at 6% [5][11]. - For example, if interest income is 1.06 million, the VAT savings would amount to 60,000, directly benefiting the social security fund [5]. Corporate Income Tax - The income generated from the investment of transferred state-owned capital will not be subject to corporate income tax, which is usually 25% [7][11]. - This means that if a company has 10 million in income, it can reduce its taxable income by this amount, leading to significant tax savings [7]. Stamp Duty - The transfer of non-listed state-owned equity will be exempt from stamp duty, while listed equity transfers will have a system of advance collection and subsequent refund [8][11]. - For instance, transferring 1 billion in equity could save 50,000 in stamp duty, which accumulates significantly given the scale of capital involved [8]. Implications for Pension Funds - The policy is expected to inject fresh capital into pension funds, enhancing their operational efficiency and ensuring more substantial benefits for both current and future retirees [11]. - With the aging population and increasing pressure on pension funds, this initiative is a crucial step in securing the financial stability of social security systems in the country [11].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration issued a notice to clarify tax policies regarding the transfer of state-owned equity and cash income to support the social security fund, effective from April 1, 2024 [1][2]. Group 1: Tax Policies - The notice exempts value-added tax on all interest and interest-like income obtained from loans and income from the transfer of financial products during the investment process of transferred state-owned equity and cash income [1]. - Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [1]. - The transfer of non-listed state-owned equity will be exempt from stamp duty for the receiving entity [1]. Group 2: Implementation and Background - The notice is part of a broader initiative to enhance the sustainability of the basic pension insurance system, as outlined in the 2017 plan to transfer 10% of state-owned equity from central and local state-owned enterprises and financial institutions to the social security fund [2]. - The State Council's plan aims to address the funding gap in the basic pension insurance fund caused by the implementation of policies recognizing years of service for contributions [2]. - The management of the transferred state-owned equity will be handled by the National Social Security Fund Council and designated state-owned companies [2]. Group 3: Financial Impact - Since the first batch of state-owned equity transfers in 2018, the social security fund has received equity from 93 central enterprises and financial institutions, with a book value of 2.1 trillion yuan by the end of 2024 [3]. - In 2024, the fund received dividends of 26.422 billion yuan from the transferred enterprises, accumulating to 111.606 billion yuan in total dividends received [3]. - The chief economist at Zhongyin International Securities noted that increasing the transfer of state capital to the social security fund could boost consumption in the short term and align with long-term economic structural transformation [3].

Core Viewpoint - The Ministry of Finance and the State Administration of Taxation of China issued a notification to support the transfer of state-owned equity and cash income to enhance the social security fund, providing various tax incentives for the managing entities involved in this process [1][2][3]. Tax Policy Summary - The notification exempts all interest income and financial product transfer income from value-added tax for entities utilizing transferred state-owned equity and cash income for investment [2]. - Income derived from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [2]. - The transfer of non-listed state-owned equity will be exempt from stamp duty for the managing entities [2]. - For the transfer of listed state-owned equity and securities transactions using cash income, a system of advance collection and subsequent refund of securities transaction stamp duty will be implemented [2]. Implementation and Background - The notification will take effect on April 1, 2024, and entities that have paid taxes prior to this notification may apply for refunds if they meet the specified conditions [3]. - The transfer of state-owned capital to the social security fund is a significant measure taken by the central government to enhance the sustainability of the basic pension insurance system, considering the reforms in both the pension system and state-owned enterprises [3]. - Since the first batch of state-owned equity transfers in 2018, the National Social Security Fund has received transfers from 93 central enterprises and financial institutions, with a total book value of 2.1 trillion yuan by the end of 2024 [4]. - In 2024, the fund received dividends of 26.422 billion yuan from the transferred enterprises, accumulating to 111.606 billion yuan since the inception of the transfers [4]. - The chief economist of Zhongyin International Securities indicated that increasing the transfer of state-owned capital to the social security fund would have an immediate positive effect on consumption and align with the long-term direction of economic structural transformation [4].

Group 1 - The core viewpoint of the articles emphasizes the need to enhance consumption demand by improving the income levels of low-income groups and increasing their pension benefits, with state-owned capital playing a crucial role in this process [1][2] - The chief economist of Zhongyin International Securities suggests that transferring state-owned capital to social security funds can have an immediate positive impact on consumption and aligns with the long-term direction of economic structural transformation [1] - As of the end of 2024, the value of transferred state-owned equity is projected to be 2.1 trillion yuan, with dividends from transferred enterprises expected to reach 26.422 billion yuan in 2024, accumulating to 111.6 billion yuan [1] Group 2 - Liu Shijin, a vice chairman of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, argues for a shift in the use of state-owned capital earnings towards supporting consumption, especially through enhancing pension levels for low-income groups [2] - The large-scale transfer of state-owned capital to pension funds is seen as a necessary strategy for stimulating consumption and reflects the mission of state-owned capital to serve the high-quality development of the country [2] - The transfer of state-owned capital to pension funds is expected to positively impact the stock market by providing long-term capital, thereby creating a linkage effect that promotes consumption, strengthens social security, and stabilizes the stock market [2]