外文题目A Review of the National Social Security Fund in China 外文出处Pensions: An International Journal 外文作者Stuart Leckie & Ning Pan原文：A Review of the National Social Security Fund in China IV. The Investments of NSSF ? Regulatory Framework for InvestmentsThe investment activities of the NSSF are governed by two sets of rules: 1) “The Preliminary Rules on the Administration of the Investments of the National Social Security Fund” (The Preliminary Rules) issued jointly by MoLSS and MoF in December 2001 2) “The Preliminary Rules on the Management of Overseas Investments of the National Social Security Fund” (The Preliminary Rules on Overseas Investments) issued jointly by MoLSS, MoF and SAFE in March 2006. Under the Preliminary Rules, the NCSSF is charged with the responsibility for developing the NSSF’s investment strategies and organising the implementation of these strategies. The Preliminary Rules states that the NSSF must stick to the principle of “achieving value appreciation on the basis of ensuring the safety and liquidity of the assets” in its investments.The NSSF can either directly invest its assets, or appoint licenced investment managers. However, if the NSSF chooses to directly invest the assets, it can only invest in bank deposits or government bonds. For all other types of investments, the NSSF needs to appoint fund managers and custodians approved by the MoHRSS. The Preliminary Rules also details criteria, roles and responsibilities for investment managers and custodians for the NSSF. According to the Preliminary Rules, no less than 50% of the NSSF assets must be invested in bank deposits and government bonds, no more than 10% in corporate bonds, and no more than 40% in...
