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Governance and Fund Management in the Chinese Pension System


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  • Yu-Wei Hu
  • Gregorio Impavido
  • Xiaohong Li


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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/246.

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Length: 50
Date of creation: 01 Nov 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/246

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Keywords: Banking crisis; Capital; Economic growth; External sector; Labor; Productivity; pension; social security; asset managers; pension funds; pension system; pension fund; old age insurance; individual accounts; insurance system; external asset managers; asset management; public pension; pensions; pension fund management; pension insurance; insurance companies; life insurance; risk management; asset manager; private pensions; legal framework; investment management; public pension fund; investment performance; insurance products; investment manager; pension plans; pension liabilities; retirement; public pensions; private pension; insurance company; mutual funds; beneficiaries; pension reform; occupational pension; investment managers; capital requirements; pension reserve; individual account; pension reserves; current pension; replacement rate; pension plan; pension fund returns; national pension; pension base; supervisory agencies; benefit formula; pension assets; internal controls; commissioners; norwegian pension fund; supervisory framework; contribution rates; pension arrangements; government pension; defined contributions; credit risk; pension expenditures; labor force; market risk; accounting standards; pension policies; pension market; pension products; internal control; defined benefit; gross returns; management of pension funds; arbitrage; pension fund investment; life expectancy; pension obligations; investment risk; annuity conversion factor; early retirement; funded components; statutory contribution; emerging markets; future pension; annuity providers; current pensions; accrual rate; group insurance; occupational pensions; contribution rate; accounting rules; social assistance; retirement systems; supervisory frameworks; replacement rates; supervisory authority; consumer protection; asset segregation; defined contribution system; insurance funds; pension contributions; pension benefit; pension policy; longevity risk; pension sector; insurance plans; credit ratings; pension services; retirement age; voluntary pension; investment objectives; public pension scheme; annuity conversion; risk taking; life insurance companies; bidding process; pension schemes; risk management policies; global pension; social pension; pillar system; private pension plans; corporate pension; pension supervision; insurance industry; annual financial statements; pension scheme; guaranteed rate; investment return; tax treatment; contribution system; public pension schemes; pension fund asset;

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  1. Yu-Wei Hu & Fiona Stewart, 2009. "Licensing Regulation and the Supervisory Structure of Private Pensions: International Experience and Implications for China," OECD Working Papers on Insurance and Private Pensions 33, OECD Publishing.
  2. Gregorio Impavido & Ronan O’Connor & Dimitri Vittas, 2008. "Improving the Investment Performance of Public Pension Funds: Lessons for the Social Insurance Fund of Cyprus from the Experience of Four OECD Countries," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 2(2), pages 3-35, December.
  3. Impavido, Gregorio, 2002. "On the governance of public pension fund management," Policy Research Working Paper Series 2878, The World Bank.
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Cited by:
  1. Montserrat Pallares-Miralles & Carolina Romero & Edward Whitehouse, 2012. "A Worldwide Overview of Facts and Figures," World Bank Other Operational Studies 11891, The World Bank.
  2. Heikki Oksanen, 2010. "The Chinese pension system - First results on assessing the reform options," European Economy - Economic Papers 412, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.


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