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Ding Xuedong, secretary of the Party Leadership Group of the National Social Security Fund Council, wrote in the Study Times that we should actively integrate into the national strategy and do a good job in combining science and technology finance with pension finance. As an important participant in the capital market and a typical long-term fund and patient capital, we must continue to increase investment in the domestic capital market, increase long-term equity investment in strategic and basic areas related to the lifeline of the national economy and the people's livelihood, increase investment in scientific and technological innovation, new quality productivity, etc., and help the capital market develop steadily and healthily while ensuring the safety and value preservation of the fund, and support the construction of a modern industrial system and the development of the real economy.

The following is the original text:

Create a new situation for the reform, innovation and development of social security funds with new responsibilities and new actions

The Third Plenary Session of the 20th CPC Central Committee is a very important meeting held at a critical period of comprehensively promoting the construction of a powerful country and the great cause of national rejuvenation with Chinese-style modernization. General Secretary Xi Jinping's important speech at the plenary session is lofty, profound, rich in connotation and inspiring, and provides a fundamental guideline for further comprehensively deepening reform and promoting Chinese-style modernization. The "Decision of the CPC Central Committee on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization" (hereinafter referred to as the "Decision") reviewed and approved by the plenary session is a general mobilization and general deployment to promote the comprehensive deepening of reform to advance in breadth and depth on the new journey in the new era, and will surely provide a strong driving force and institutional guarantee for Chinese-style modernization. All party members and cadres of the National Council for Social Security Fund (hereinafter referred to as the Social Security Fund) will thoroughly study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, anchor the grand goal of Chinese-style modernization, and strive to write a new chapter in the high-quality development of the social security fund cause with the vivid practice of further comprehensively deepening reform.

Deeply study and understand the spirit of the Third Plenary Session of the 20th CPC Central Committee, and unify thoughts and actions with the decisions and arrangements of the CPC Central Committee

General Secretary Xi Jinping's important speech at the plenary session comprehensively reviewed the work of the Party and the country since the Second Plenary Session of the 20th CPC Central Committee, profoundly explained the background and considerations, drafting process, basic framework and main content of the drafting of the "Decision", and put forward clear requirements for implementing the spirit of the plenary session. We must thoroughly study and understand the spirit of the Third Plenary Session of the 20th CPC Central Committee, and truly unify our thoughts and actions with the decisions and arrangements of the CPC Central Committee.

The fundamental reason for a profound understanding of the great achievements of comprehensively deepening reform in the new era lies in the leadership of General Secretary Xi Jinping and the scientific guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Since the 18th CPC National Congress, the CPC Central Committee with Comrade Xi Jinping as its core has regarded reform and opening up as a key move to determine the fate of contemporary China, and has unswervingly pushed forward reform and opening up. From the creative proposal of the overall goal of comprehensively deepening reform at the Third Plenary Session of the 18th CPC Central Committee, to the continuous and steady advancement of comprehensively deepening reform on the track of the rule of law at the Fourth Plenary Session of the 18th CPC Central Committee, from the deployment of the largest institutional reform since reform and opening up at the Third Plenary Session of the 19th CPC Central Committee, to the systematic depiction of the institutional map of socialism with Chinese characteristics at the Fourth Plenary Session of the 19th CPC Central Committee, to the important deployment of the continued deepening of the reform of the Party and state institutions at the Second Plenary Session of the 20th CPC Central Committee, the transformation of reform from local exploration and breaking through the ice to systematic integration and comprehensive deepening has been achieved. The reform is unprecedented in its intensity, scope, depth and effectiveness. We must more deeply understand the decisive significance of the "two establishments" and more consciously transform the political consensus of the "two establishments" into practical actions of "two safeguards".

We must fully understand the great significance of further deepening reform in an all-round way, and earnestly enhance our political consciousness, ideological consciousness, and action consciousness. General Secretary Xi Jinping pointed out that, based on practical experience and current needs, the Central Political Bureau decided that the Third Plenary Session of the 20th CPC Central Committee would study the issue of further deepening reform in an all-round way and promoting Chinese-style modernization. This is an urgent need to unite the people, gather strength, and realize the central task of the Party in the new era and new journey; it is an urgent need to improve and develop the socialist system with Chinese characteristics and promote the modernization of the national governance system and governance capacity; it is an urgent need to promote high-quality development and better adapt to the changes in the main contradictions in our society; it is an urgent need to respond to major risks and challenges and promote the steady and long-term development of the cause of the Party and the country. General Secretary Xi Jinping's important speech has pointed out the direction for a deep understanding of the historical inevitability of deepening reform in an all-round way, grasping the great significance of unswervingly deepening reform in an all-round way, and closely focusing on promoting Chinese-style modernization. Reform is only in progress, not completed. "Carrying out reform to the end" has become the strongest voice of the times, which is the need of the times, the need for development, and the wish of the people. On the new journey, we must constantly enhance our political awareness, ideological awareness, and action awareness, push forward reform with more determined confidence and more powerful measures, resolutely eliminate the drawbacks of various systems and mechanisms, inject strong impetus into China's modernization, and provide strong institutional guarantees.

Systematically grasp the strategic deployment of further deepening reform in an all-round way, and promote the great cause of building a strong country and national rejuvenation with greater confidence and determination. The Decision scientifically plans the overall deployment of further deepening reform in an all-round way around promoting Chinese-style modernization, and is a programmatic document guiding further deepening reform in an all-round way on the new journey. We must deeply understand and grasp the distinct theme of promoting Chinese-style modernization, anchor the overall goal of continuing to improve and develop the socialist system with Chinese characteristics and promote the modernization of the national governance system and governance capacity, focus on building a high-level socialist market economic system, focus on developing people's democracy throughout the process, focus on building a socialist cultural power, focus on improving the quality of people's lives, focus on building a beautiful China, focus on building a safer China at a higher level, focus on improving the Party's leadership level and long-term governance capabilities, and continue to push reform forward. Deeply understand and grasp the major principles of further deepening reform in an all-round way, and implement the Party's overall leadership, people-centeredness, integrity and innovation, institutional construction as the main line, comprehensive rule of law, and systematic thinking in all areas and links of further deepening reform in an all-round way. Deeply understanding and grasping the leadership of the Party is the fundamental guarantee for further comprehensively deepening reform and advancing Chinese-style modernization. We must constantly promote the Party's self-purification, self-improvement, self-innovation, and self-improvement to ensure that the Party always remains the strong leadership core of the cause of socialism with Chinese characteristics.

We will implement the reform tasks with a determined spirit and give full play to the supporting role of social security funds in safeguarding and improving people's livelihood.

The Decision points out that safeguarding and improving people's livelihood in the process of development is a major task of China's modernization, and makes systematic reform arrangements for improving the social security system and actively responding to the aging of the population. The Social Security Fund assumes the important responsibility of managing and operating the "livelihood money" of the people. As of the end of 2023, the total equity of the three major categories of assets managed by the National Social Security Fund, the basic pension insurance fund entrusted by local governments, and the transfer of part of the state-owned capital exceeded 6 trillion yuan, and has become an important part of the national social security system. Social security is about the most direct and realistic issues that the people are most concerned about. We must always adhere to the people-centered approach, keep in mind the "major issues of the country", and promote the implementation of reform tasks.

Make the national social security fund bigger and stronger, and effectively play the role of a strategic reserve fund for coping with population aging.The Decision clearly states that we should actively respond to the aging of the population and improve the policy mechanism for the development of the elderly care industry. The establishment of the National Social Security Fund is an important strategic decision made by the CPC Central Committee and the State Council. It is a strategic reserve fund for the social security needs during the peak period of population aging and is the ballast of my country's social security system. In the 24 years since its establishment, the average annual investment return of the Social Security Fund has exceeded 7%, and its scale has achieved leapfrog growth. At present, my country has entered the stage of moderate aging, and it is expected to enter the stage of severe aging around 2035 and will last for a considerable period of time. The urgency and difficulty of expanding and strengthening the strategic reserve fund are unprecedented. We must resolutely implement the deployment requirements of the Decision, focus on improving the multi-level social security system, seize the precious accumulation period, promote the establishment of a stable capital injection mechanism, actively expand new sources of funds, and continuously consolidate and expand the scale of the strategic reserve fund. We should strive for better investment returns through steady investment and operation, continue to play an important role in the accumulation of investment returns, and continuously consolidate the wealth foundation for actively responding to the aging of the population.

Carry out the investment and operation of the basic pension insurance fund steadily and protect the people's "life-saving money".The Decision clearly requires the acceleration of the development of a multi-level and multi-pillar pension insurance system. As the entrusted investment institution of the local basic pension insurance fund, we must conscientiously implement the deployment requirements of the Decision, take the initiative to strengthen coordination and communication with regulatory authorities and entrusted entities, actively promote the improvement of pension fund investment management policies, and expand the scale of pension fund investment operations.Optimize the fund's investment scope and investment tools to better meet the fund's security and value preservation and appreciation requirements.In response to the diversified needs of local entrusting entities, we will strengthen investigation and research, fully demonstrate, and give full play to the enthusiasm of both entrusting entities and entrusted institutions. We will strictly implement the various regulations of the regulatory authorities, cooperate to improve the fund supervision system, scientifically formulate the investment objectives and risk policies of pension funds, strengthen fund asset allocation and investment operation management, strengthen comprehensive measures such as fund risk monitoring and early warning, and ensure the safety and value preservation and appreciation of pension funds. We will improve the public investment and operation disclosure system of pension funds, actively disclose important financial information to the public, consciously accept social supervision, conduct investment operations in an open and transparent manner, and stabilize the people's expectations of a decent old-age pension.

Actively integrate into the national strategy and do a good job in combining science and technology finance with pension finance.The "Decision" makes arrangements for promoting high-level scientific and technological self-reliance, developing new types of productive forces in accordance with local conditions, enhancing the inherent stability of the capital market, supporting the entry of long-term funds into the market, and developing patient capital.As an important participant in the capital market and typical long-term funds and patient capital, we must continue to increase our investment in the domestic capital market, increase long-term equity investment in strategic and basic areas that are related to the lifeline of the national economy and the people's livelihood, and increase investment in scientific and technological innovation, new quality productivity, etc. While ensuring the security of the fund and preserving and increasing its value, we will help the capital market develop stably and healthily, support the construction of a modern industrial system and the development of the real economy.Together with regulatory authorities and business partners, we will actively facilitate the "technology-industry-finance" cycle and strive to achieve a "win-win" situation of serving technological innovation and expanding the scale of pension funds.

Further strengthen the mission and fulfill the principal responsibility for fund safety and value preservation and appreciation entrusted by the Party Central Committee

Mission inspires us to forge ahead, and struggle creates the future. On the new journey, the Social Security Fund will unite more closely around the Party Central Committee with Comrade Xi Jinping as the core, muster the spirit of doing things and entrepreneurship, and create a new situation of reform, innovation and development of the social security fund cause with new responsibilities and new actions.

Adhere to and strengthen the overall leadership of the Party, and always put the political construction of the Party in the first place. The Decision emphasizes improving the Party's leadership level in further deepening reform and promoting Chinese-style modernization, and makes arrangements for deepening the reform of the Party's construction system and deepening the Party's work style and clean government construction. The Social Security Fund will unswervingly adhere to and strengthen the overall leadership of the Party, deeply grasp the distinct political and people-oriented nature of the Social Security Fund, and faithfully perform the main responsibilities for fund safety and value preservation and appreciation entrusted by the Party Central Committee. Persevere in promoting comprehensive and strict governance of the Party, coordinate the rectification of problems reported by the Central Inspection Team and the rectification of problems reported by the special inspection of the Party building of the organs, consolidate and expand the results of the theme education, deepen the study and education of Party discipline, and continuously create a political ecology with clear and upright atmosphere. Focus on cultivating the socialist investment institution culture of "being politically conscious, professional, good at investment, and having integrity", and give full play to the important role of institutional culture in shaping spirit, cultivating style, and gathering strength. Implement the Party's organizational line in the new era, implement the requirements of "three distinctions", encourage cadres to take responsibility, do things and start businesses, strengthen ideological tempering, political experience, practical training, and professional training, and comprehensively improve the ability of cadres and employees to perform their duties.

Establish a scientific, standardized and efficient fund investment and operation system, and strive to improve the level of investment and operation specialization.General Secretary Xi Jinping requires the cultivation of first-class investment banks and investment institutions. At the beginning of its establishment, the Social Security Fund established the principles of standardized, stable, professional and market-oriented operation, always adhered to the concepts of long-term investment, value investment and responsible investment, continuously improved the scientificity, standardization and effectiveness of fund investment decisions, and prudently and steadily carried out investment operation management. In the face of complex domestic and international situations, we must further strengthen the research and analysis of the macro-economy and capital markets, deepen the understanding of the regularity of long-term fund returns and risk sources, and accurately grasp the new risk-return characteristics of various types of assets. We must coordinate the medium- and long-term returns and short-term return targets of the fund, improve the asset allocation level under multiple constraints, strengthen the assessment and incentive constraints of the entrusted managers, continue to innovate and enrich the investment product strategy system, and continuously improve the level of investment operation capabilities.

We should constantly optimize the fund risk prevention and control system and firmly hold the bottom line of safety. The Decision clearly requires the improvement of the social security fund value preservation and appreciation and safety supervision system. We should earnestly enhance our awareness of danger in times of peace and prepare for a rainy day, take on our responsibilities with a sense of responsibility of "always worrying about it", build a solid safety barrier, and firmly hold the bottom line of fund safety. We should strengthen the tracking, early warning, analysis and judgment of various risks, provide support for early response and effective risk resolution, and continuously improve the foresight, professionalism and initiative of risk management. We should better coordinate the benign interaction between high-quality development and high-level safety, attach equal importance to returns and risks, further improve the risk management system of the "three lines of defense" of allocation and investment functional departments, risk management functional departments, and internal audit functional departments, and strengthen risk prevention and control of the entire process of all links of investment. We should continue to deepen the construction of the internal control system and execution system, and consolidate the working mechanism that prevents both business risks and corruption risks.

Deepen the reform of its own system and mechanism, and consolidate the institutional guarantee for fund operation. General Secretary Xi Jinping emphasized that in the face of new situations and tasks, it is necessary to further deepen reform in an all-round way and continue to improve various systems and mechanisms. In 2018, the Social Security Fund was adjusted from a ministerial-level institution directly under the State Council to a public institution managed by the Ministry of Finance. As an investment and operation institution, the administrative level is no longer specified. This is a major reform of the social security fund system and mechanism. In recent years, in accordance with the nature and functional positioning of the institution determined by the Party Central Committee, under the guidance and support of the competent and regulatory authorities, the various supporting reform measures of the Social Security Fund have made positive progress. In the next step, we will continue to strengthen the enthusiasm and initiative to promote reform, rethink, re-plan and promote the solution of outstanding problems that affect and restrict the development of the fund cause, and promote the establishment and improvement of a system and mechanism that is more suitable for investment and operation institutions. Focus on improving the level of investment and operation specialization, enhance institutional vitality and innovation, and improve a scientific, standardized and efficient fund investment and operation governance system. Accelerate the promotion of digital transformation and technological empowerment to provide solid guarantees for improving the efficiency and effectiveness of fund investment and operation.