摘要
本文将主权养老基金分为缴费型和非缴费型,前者的资金来自国家举办的基本养老保险制度的余额,而后者又分为资源型和外汇型。资源型主权养老基金的资金来自某种专属自然资源,例如石油,而外汇型的资金来自外汇储备。在辨析不同养老基金“主权”特征的基础上,文章对中国非缴费型主权养老基金“全国社保基金”的功能定位进行了审视,并对缴费型养老基金难以形成的深层原因进行了分析。最后,文章主张中国应尽快建立一只外汇型主权养老基金,主要原因有三:一是随着中国经济发展阶段的转换,外汇储备当前正处于一个转折点,建立外汇型主权养老基金的窗口越来越小;二是与发达国家相比,中国养老保障的资产储备规模非常小,建立外汇型主权养老基金可弥补这个短板;三是目前的外汇储备已超出其特定职能所需的合意规模,建立一只外汇型主权养老基金可实现还汇于民和提高国民福祉的目的。
The article divides sovereign pension funds into contributory funds and non-contributory ones. The contributory ones are derived from the balance of the basic old-age insurance system operated by the State, while non-contributory ones can be divided into resource-based funds and foreign exchange-based funds. Resource-based sovereign pension funds consist of the yields from a certain kind of exclusive natural resources, such as oil, while foreign exchange-based funds consist of foreign exchange reserves. On the basis of identifying the “sovereignty”characteristics of different pension funds, this article analyzes the functional positioning of China’s non-contributory sovereign pension fund, the National Social Security Fund (NSSF), and analyzes the underlying reasons why it is infeasible to build a contributory sovereign pension fund. Finally, the article argues that China should establish a foreign exchange-based sovereign pension fund as soon as possible for three main reasons. First, with the transformation of China’s economic development, foreign exchange reserves are currently at a turning point, and the window for establishing a“foreign exchange-based”sovereign pension fund is becoming narrower. Second, compared with that in developed countries, the scale of asset reserve of China’s old-age security is too small, and the establishment of foreign exchange-based sovereign pension funds can bridge the funding gap. Third, the current scale of foreign exchange reserves has exceeded the desired level of their specific functions, and the establishment of a“foreign exchange”sovereign pension fund can ensure the goal of repaying the people to improve their well-being can be achieved.
出处
《国际经济评论》
CSSCI
北大核心
2019年第3期9-30,4,共23页
International Economic Review
