Governance And Fund Management In The Chinese Pension System

Author : Yu-Wei Hu,Gregorio Impavido,Xiaohong Li
Publisher : International Monetary Fund
Page : 52 pages
File Size : 55,5 Mb
Release : 2009-11-01
Category : Business & Economics
ISBN : 9781451873931

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Governance and Fund Management in the Chinese Pension System by Yu-Wei Hu,Gregorio Impavido,Xiaohong Li Pdf

The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.

Author : Mark C. Dorfman,Robert Holzmann,Philip O'Keefe
Publisher : World Bank Publications
Page : 265 pages
File Size : 48,5 Mb
Release : 2013-04
Category : Business & Economics
ISBN : 9780821395400

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China's Pension System by Mark C. Dorfman,Robert Holzmann,Philip O'Keefe Pdf

Comprehensive reform of China’s pension and social security system is an essential element of achieving its objectives of a harmonious society and sustainable development. Over the past few years, the Government has considered various options and initiated several significant measures. In 2009 the authorities established a national framework for rural pensions, the Rural Pension Pilot Program (RPPP) and in 2011 a Pilot Social Pension Insurance for Urban Residents announced. In this process, it has articulated principles for a reformed urban pension system (indicated by 12 Chinese characters ) which are “broad coverage, protects at the basic level, is multi-layered, and sustainable” while the principles for the rural system (indicated by 12 characters ) are “broad coverage, protects at the basic level, flexible, and sustainable.” These principles underpin the commitments made at the 17th Party Congress towards a comprehensive and integrated social security system by 2020. Although substantial reforms of the pension system have been undertaken over the past two decades, some policymakers have suggested that additional reforms are needed to meet the needs of China’s rapidly changing economy and society. Issues such as legacy costs, system fragmentation and limited coverage have not been fully addressed. At the same time, many new challenges have emerged such as rapid urbanization, increased income inequality and urban-rural disparities, greater informalization of the labor force, changes in family structure, and the effects of increased globalization. This report has been prepared at the request of the Ministry of Finance to develop a medium term vision of a holistic framework that could be realized by 2040 for strengthening old age income protection in China which is consistent with the principles outlined in the 12 characters and design options towards achieving it. The main body of this report outlines this vision – summarizing the key features of a proposed medium-term pension system – while the annexes provide the deeper analysis and context which underpins the recommendations contained herein.

Author : Jun Peng,Qiushi Wang
Publisher : Taylor & Francis
Page : 108 pages
File Size : 47,6 Mb
Release : 2024-03-25
Category : Political Science
ISBN : 9781040026922

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China’s Pension System by Jun Peng,Qiushi Wang Pdf

Since 1978, when China started remaking its economy, it has also embarked on an unparalleled effort at remaking its pension system to accommodate its hybrid economic model. This book tells the story of how China has managed to build a national pension system that now covers most of its population and what this system holds for its future. This book covers the following topics: evolution of Chinese pension system to its current form; benefit design, financing, and governance of current pension system; challenges facing the pension system, especially the looming funding shortage due to accelerating population ageing; solutions to the challenges; and lessons learned from the Chinese experience. Due to the fragmentation of pension system among 31 mainland provinces, we also select three provinces as case studies to help readers gain a richer understanding of how economic and geographic diversity has created disparity in pension benefit design and financing between provinces and within a province and how such disparity adds complexity and challenges to the pension system. This timely and important study provides up-to-date and in-depth analyses for policymakers and stakeholders to make informed decisions and will be relevant for all scholars and students of public administration and public policy studies.

Author : Ramgopal Agarwala
Publisher : World Bank Publications
Page : 104 pages
File Size : 53,5 Mb
Release : 1997-01-01
Category : Business & Economics
ISBN : 0821340778

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Old Age Security by Ramgopal Agarwala Pdf

The seventh edition of this annual report reviews the long-term prospects for developing countries in light of changes in the global environment and provides a detailed discussion of selected aspects of the global integration process in those countries. The first chapter evaluates prospects for the major elements of the external environment affecting developing countries and the medium-to-long-term outlook for developing countries themselves. The report forecasts that the external environment for developing countries remains broadly favorable. Among the main policy challenges faced by these countries is their ability to adapt to long-run shifts in market opportunities and heightened competitive pressures brought on by global trade liberalization--now increasingly focused on liberalization of trade in services--rising global production, and other forms of global integration. The chapter considers the implications for the world economy of rapid growth and integration in large developing countries such as China, India, and Brazil in the period to 2020. The second chapter looks at the move toward greater globalization of production, broadly defined as cross-border production by multinational enterprises and their networks of affiliates, subcontractors, and other partners. Within this context, the chapter addresses the significance of global production in world output in main groups of countries and economic sectors; factors driving the trend toward global production, including heightened competition, worldwide policy liberalization, and rapid technological progress; the benefits that developing countries can derive from global production, such as new technologies and improved efficiency practices; and the issues for policymakers seeking to enhance participation in global production and maximize its benefits for host countries.

Author : World Bank. Resident Mission in China
Publisher : Unknown
Page : 204 pages
File Size : 50,6 Mb
Release : 1996
Category : Defined benefit pension plans
ISBN : STANFORD:36105020313982

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China Pension System Reform by World Bank. Resident Mission in China Pdf

Author : Yi Lin
Publisher : Unknown
Page : 216 pages
File Size : 42,8 Mb
Release : 1997
Category : Pension trusts
ISBN : CORNELL:31924078660176

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Pension System Reform in China by Yi Lin Pdf

Author : Organisation for Economic Co-operation and Development
Publisher : OECD
Page : 430 pages
File Size : 55,8 Mb
Release : 1997
Category : Business & Economics
ISBN : UOM:39015041764476

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Managing Across Levels of Government by Organisation for Economic Co-operation and Development Pdf

Author : Bruce Little
Publisher : University of Toronto Press
Page : 396 pages
File Size : 55,6 Mb
Release : 2008-12-15
Category : Political Science
ISBN : 9781442651197

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Fixing the Future by Bruce Little Pdf

In 1993, most Canadians believed that big government deficits were permanent and that the Canada Pension Plan (CPP) was in such deep trouble that younger Canadians would never collect a retirement pension. They believed too that Canada's politicians were incapable of dealing with either problem. Yet by 1998, both were essentially solved. While the deficit battles have been recounted many times, the story of the reform that rescued the CPP has gone almost entirely untold. In Fixing the Future, Bruce Little explains the CPP overhaul and shows why it stands as one of Canada's most significant public policy success stories, in part because it demanded an almost unparalleled degree of federal-provincial co-operation. Providing an overview of the CPP's entire history from its beginning in 1965, Little pulls together published, and new unpublished, material relating to the CPP reform, and interviews over fifty politicians, government officials, and others who were deeply involved in the reforms for their recollections, insights, and observations. A superbly told history of one of Canada's most important public policy issues, Fixing the Future will be of interest to political scientists, historians, economists, and anyone concerned about their retirement.

Author : OECD
Publisher : OECD Publishing
Page : 180 pages
File Size : 43,5 Mb
Release : 2019-11-27
Category : Electronic
ISBN : 9789264876101

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Pensions at a Glance 2019 OECD and G20 Indicators by OECD Pdf

The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.

Author : Sudhir Rajkumar,Mark C. Dorfman
Publisher : World Bank Publications
Page : 364 pages
File Size : 42,8 Mb
Release : 2011
Category : Social Science
ISBN : 9780821384701

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Governance and Investment of Public Pension Assets by Sudhir Rajkumar,Mark C. Dorfman Pdf

And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.

Author : Marlene Amstad,Guofeng Sun,Wei Xiong
Publisher : Princeton University Press
Page : 504 pages
File Size : 54,5 Mb
Release : 2020-11-17
Category : Business & Economics
ISBN : 9780691205847

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The Handbook of China's Financial System by Marlene Amstad,Guofeng Sun,Wei Xiong Pdf

A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.

Author : Bo Gong
Publisher : Routledge
Page : 300 pages
File Size : 52,8 Mb
Release : 2013-12-13
Category : Law
ISBN : 9781136015687

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Understanding Institutional Shareholder Activism by Bo Gong Pdf

Institutional shareholder participation has long been considered as vital to good corporate governance yet its potential does not seem to have been realized. The recent banking crisis exposed the passivity of some institutional shareholders, many of whom appear to have chosen to sell their stakes in the banks rather than intervene or challenge the board when they realized the strategies followed by the banks were excessively risky. Institutional shareholders’ role to scrutinize and monitor the decisions of boards and executive management in the banking sector in the UK is considered by many to be a failure, resulting in the phenomenon of ‘ownerless corporations’, as described by Lord Myners. In China, despite the fast rising of institutional investment in the securities market, institutional shareholders have not yet played a contributory role in monitoring corporate managers in listed companies. Drawing on empirical evidence this book seeks to systematically analyses institutional shareholders’ incentives to activism to explain when and why shareholder activism will occur. The book puts forward a model which explains the factors that determine institutional shareholders’ propensity for activism. The model both elaborates the collective benefits of activism as a means of achieving managerial accountability asks whether and when shareholder activism is rational for any individual shareholder. The book then goes to on to apply these finding to both the UK and China in order to explain the varying levels of shareholder activism in each jurisdiction. The book is the first to take an in-depth look at institutional share-holder activism in China providing prescriptions to promote greater shareholder engagement and exploring the potential it holds for improving corporate governance in the region.

Author : Matthew Hudson
Publisher : John Wiley & Sons
Page : 368 pages
File Size : 52,6 Mb
Release : 2019-12-16
Category : Business & Economics
ISBN : 9781119515586

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Fund Managers by Matthew Hudson Pdf

The definitive guide on fund and asset managers worldwide Fund Managers: The Complete Guide is an all-encompassing overview of fund and asset managers around the globe. The only comprehensive guide on the subject, this book covers both the fund manager and the market as a whole while providing insights from current and future fund managers and leaders in the technology industry from the UK, EU and US. Focused examination of the fund managers and their investors – the categories of manager, the asset classes they participate in, how they are using technology and their views on the market – complements a wider survey of the market that includes upcoming changes to regulation, taxation and political shifts in the Western world. The asset management industry continues to undergo significant changes that rise from the Global Financial Crisis and its recovery, the recent technology boom and political fluctuations that have altered the way business is conducted in financial markets around the world. Questions concerning China and Asia’s rise, Trumpian influence in America and post-Brexit UK-EU relations underscore the contemporary relevance of Fund Managers: The Complete Guide to current and future discourse within the industry. This important volume: Explains worldwide roles, purposes and operations of asset managers including how local culture influences their strategies Examines different types of assets and asset-management strategies Investigates the influence of macroeconomic and political factors such as governance and regulation, international taxation, anti-globalisation and populism Illustrates the impact of technology and its disruptive products and players Describes the different types of investor investing in the managers’ funds and how they view the industry Future-gazes over the ten years and beyond for the industry Fund Managers: The Complete Guide is the authoritative resource for anyone who requires an overview of the asset management industry and up-to-date insights on current and future trends and practices. The book also complements the author’s earlier work Funds: Private Equity, Hedge and All Core Structures.

Author : Hongmu Lee,Gianni Nicolini,Man Cho
Publisher : Springer Nature
Page : 515 pages
File Size : 47,8 Mb
Release : 2022-11-30
Category : Business & Economics
ISBN : 9789811964466

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International Comparison of Pension Systems by Hongmu Lee,Gianni Nicolini,Man Cho Pdf

This book is about retirement income security. This income security is provided by national public pensions, corporate pensions, and individual and reverse mortgages. However, these systems vary greatly from country to country and, in many countries, do not provide sufficient coverage. Ensuring income security in old age is an important issue that must be resolved in the rapidly aging environment of the world. From the perspective of financial consumers, this book cross-sectionally surveys public pensions, corporate pensions, individual pensions and reverse mortgages and compares them among many important nations. This gives many implications from the perspective of designing an overall income security for each individual. In addition, it presents many of the issues needed for these sustainable and comprehensive income security.

Author : Gordon L. Clark,Alicia H. Munnell,J. Michael Orszag
Publisher : Oxford University Press, USA
Page : 954 pages
File Size : 42,6 Mb
Release : 2006-07-20
Category : Business & Economics
ISBN : 0199272468

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The Oxford Handbook of Pensions and Retirement Income by Gordon L. Clark,Alicia H. Munnell,J. Michael Orszag Pdf

This handbook draws on research from a range of academic disciplines to reflect on the implications for provisions of pension and retirement income of demographic ageing. it reviews the latest research, policy related tools, analytical methods and techniques and major theoretical frameworks.