National Social Security Fund Regulations

(2016年2月3日国务院第122次常务会议通过　2016年3月10日中华人民共和国国务院令第667号公布　自2016年5月1日起施行)

(Adopted at the 122nd Executive Meeting of the State Council on February 3, 2016, promulgated by Order No. 667 of the State Council of the People's Republic of China on March 10, 2016, and effective as of May 1, 2016)

为了规范全国社会保障基金的管理运营，加强对全国社会保障基金的监督，在保证安全的前提下实现保值增值，根据《中华人民共和国社会保险法》，制定本条例。

These Regulations are formulated in accordance with the Social Insurance Law of the People's Republic of China to regulate the management and operation of the National Social Security Fund, strengthen supervision over the National Social Security Fund, and achieve value preservation and appreciation under the premise of ensuring safety.

国家设立全国社会保障基金。

The State establishes the National Social Security Fund.

全国社会保障基金由中央财政预算拨款、国有资本划转、基金投资收益和以国务院批准的其他方式筹集的资金构成。

The National Social Security Fund is composed of funds from central fiscal budget appropriations, state capital transfers, fund investment income, and funds raised through other methods approved by the State Council.

全国社会保障基金是国家社会保障储备基金，用于人口老龄化高峰时期的养老保险等社会保障支出的补充、调剂。

The National Social Security Fund is a national social security reserve fund, used for supplementing and adjusting social security expenditures such as old-age insurance during the peak period of population aging.

国家根据人口老龄化趋势和经济社会发展状况，确定和调整全国社会保障基金规模。

The State determines and adjusts the scale of the National Social Security Fund based on the trend of population aging and the state of economic and social development.

全国社会保障基金的筹集和使用方案，由国务院确定。

The plan for raising and using the National Social Security Fund shall be determined by the State Council.

国务院财政部门、国务院社会保险行政部门负责拟订全国社会保障基金的管理运营办法，报国务院批准后施行。

The finance department of the State Council and the social insurance administrative department of the State Council are responsible for drafting the management and operation measures for the National Social Security Fund, which shall be implemented after approval by the State Council.

全国社会保障基金理事会负责全国社会保障基金的管理运营。

The National Council for Social Security Fund is responsible for the management and operation of the National Social Security Fund.

全国社会保障基金理事会应当审慎、稳健管理运营全国社会保障基金，按照国务院批准的比例在境内外市场投资运营全国社会保障基金。

The National Council for Social Security Fund shall manage and operate the National Social Security Fund prudently and steadily, and invest and operate the National Social Security Fund in domestic and foreign markets in accordance with the proportion approved by the State Council.

全国社会保障基金理事会投资运营全国社会保障基金，应当坚持安全性、收益性和长期性原则，在国务院批准的固定收益类、股票类和未上市股权类等资产种类及其比例幅度内合理配置资产。

When investing and operating the National Social Security Fund, the National Council for Social Security Fund shall adhere to the principles of safety, profitability, and long-term orientation, and reasonably allocate assets within the types of assets such as fixed-income, equity, and unlisted equity and their proportion ranges approved by the State Council.

全国社会保障基金理事会制定全国社会保障基金的资产配置计划、确定重大投资项目，应当进行风险评估，并集体讨论决定。

When formulating asset allocation plans for the National Social Security Fund and determining major investment projects, the National Council for Social Security Fund shall conduct risk assessments and make decisions through collective discussion.

全国社会保障基金理事会应当制定风险管理和内部控制办法，在管理运营的各个环节对风险进行识别、衡量、评估、监测和应对，有效防范和控制风险。风险管理和内部控制办法应当报国务院财政部门、国务院社会保险行政部门备案。

The National Council for Social Security Fund shall formulate risk management and internal control measures, identify, measure, evaluate, monitor, and respond to risks at all stages of management and operation, and effectively prevent and control risks. The risk management and internal control measures shall be reported to the finance department of the State Council and the social insurance administrative department of the State Council for record.

全国社会保障基金理事会应当依法制定会计核算办法，并报国务院财政部门审核批准。

The National Council for Social Security Fund shall formulate accounting measures in accordance with the law and submit them to the finance department of the State Council for review and approval.

全国社会保障基金理事会应当定期向国务院财政部门、国务院社会保险行政部门报告全国社会保障基金管理运营情况，提交财务会计报告。

The National Council for Social Security Fund shall regularly report to the finance department of the State Council and the social insurance administrative department of the State Council on the management and operation of the National Social Security Fund, and submit financial accounting reports.

全国社会保障基金理事会可以将全国社会保障基金委托投资或者以国务院批准的其他方式投资。

The National Council for Social Security Fund may entrust investment of the National Social Security Fund or invest through other methods approved by the State Council.

全国社会保障基金理事会将全国社会保障基金委托投资的，应当选择符合法定条件的专业投资管理机构、专业托管机构分别担任全国社会保障基金投资管理人、托管人。

If the National Council for Social Security Fund entrusts investment of the National Social Security Fund, it shall select professional investment management institutions and professional custodian institutions that meet statutory conditions to serve as the investment manager and custodian of the National Social Security Fund, respectively.

全国社会保障基金理事会应当按照公开、公平、公正的原则选聘投资管理人、托管人，发布选聘信息、组织专家评审、集体讨论决定并公布选聘结果。

The National Council for Social Security Fund shall select and appoint investment managers and custodians in accordance with the principles of openness, fairness, and justice, publish selection information, organize expert evaluation, make decisions through collective discussion, and announce the selection results.

全国社会保障基金理事会应当制定投资管理人、托管人选聘办法，并报国务院财政部门、国务院社会保险行政部门备案。

The National Council for Social Security Fund shall formulate measures for selecting investment managers and custodians, and report them to the finance department of the State Council and the social insurance administrative department of the State Council for record.

全国社会保障基金理事会应当与聘任的投资管理人、托管人分别签订委托投资合同、托管合同，并报国务院财政部门、国务院社会保险行政部门、国务院外汇管理部门、国务院证券监督管理机构、国务院银行业监督管理机构备案。

The National Council for Social Security Fund shall sign entrusted investment contracts and custody contracts with the appointed investment managers and custodians respectively, and report them to the finance department of the State Council, the social insurance administrative department of the State Council, the foreign exchange administration department of the State Council, the securities regulatory authority of the State Council, and the banking regulatory authority of the State Council for record.

全国社会保障基金理事会应当制定投资管理人、托管人考评办法，根据考评办法对投资管理人投资、托管人保管全国社会保障基金的情况进行考评。考评结果作为是否继续聘任的依据。

The National Council for Social Security Fund shall formulate evaluation measures for investment managers and custodians, and evaluate the investment management of investment managers and the custody of the National Social Security Fund by custodians according to the evaluation measures. The evaluation results shall serve as the basis for whether to continue the appointment.

全国社会保障基金投资管理人履行下列职责：

The investment manager of the National Social Security Fund performs the following duties:

(一)运用全国社会保障基金进行投资；

(1) Using the National Social Security Fund to make investments;

(二)按照规定提取全国社会保障基金投资管理风险准备金；

(2) Withdraw the risk reserve for investment management of the National Social Security Fund in accordance with regulations;

(三)向全国社会保障基金理事会报告投资情况；

(3) Report investment situations to the National Council for Social Security Fund;

(四)法律、行政法规和国务院有关部门规章规定的其他职责。

(4) Other duties as stipulated by laws, administrative regulations, and rules of relevant departments under the State Council.

全国社会保障基金托管人履行下列职责：

The custodian of the National Social Security Fund shall perform the following duties:

(一)安全保管全国社会保障基金财产；

(1) Safely keep the property of the National Social Security Fund;

(二)按照托管合同的约定，根据全国社会保障基金投资管理人的投资指令，及时办理清算、交割事宜；

(2) In accordance with the custody contract, promptly handle clearing and delivery matters based on the investment instructions of the investment manager of the National Social Security Fund;

(三)按照规定和托管合同的约定，监督全国社会保障基金投资管理人的投资；

(3) In accordance with regulations and the custody contract, supervise the investments of the investment manager of the National Social Security Fund;

(四)执行全国社会保障基金理事会的指令，并报告托管情况；

(4) Execute the instructions of the National Council for Social Security Fund and report on custody situations;

(五)法律、行政法规和国务院有关部门规章规定的其他职责。

(5) Other duties as stipulated by laws, administrative regulations, and rules of relevant departments under the State Council.

全国社会保障基金财产应当独立于全国社会保障基金理事会、投资管理人、托管人的固有财产，独立于投资管理人投资和托管人保管的其他财产。

The property of the National Social Security Fund shall be independent from the proprietary property of the National Council for Social Security Fund, investment managers, and custodians, and independent from other property invested by investment managers and kept by custodians.

全国社会保障基金投资管理人、托管人不得有下列行为：

Investment managers and custodians of the National Social Security Fund shall not engage in the following acts:

(一)将全国社会保障基金财产混同于其他财产投资、保管；

(1) Mixing the property of the National Social Security Fund with other property for investment or custody;

(二)泄露因职务便利获取的全国社会保障基金未公开的信息，利用该信息从事或者明示、暗示他人从事相关交易活动；

(2) Disclosing undisclosed information of the National Social Security Fund obtained through their positions, using such information to engage in or explicitly or implicitly inducing others to engage in related trading activities;

(三)法律、行政法规和国务院有关部门规章禁止的其他行为。

(3) Other acts prohibited by laws, administrative regulations, and rules of relevant departments under the State Council.

全国社会保障基金按照国家规定享受税收优惠。

The National Social Security Fund shall enjoy tax benefits as stipulated by the state.

国家建立健全全国社会保障基金监督制度。

The state shall establish and improve the supervision system for the National Social Security Fund.

任何单位和个人不得侵占、挪用或者违规投资运营全国社会保障基金。

No unit or individual may embezzle, misappropriate, or illegally invest or operate the National Social Security Fund.

国务院财政部门、国务院社会保险行政部门按照各自职责对全国社会保障基金的收支、管理和投资运营情况实施监督；发现存在问题的，应当依法处理；不属于本部门职责范围的，应当依法移送国务院外汇管理部门、国务院证券监督管理机构、国务院银行业监督管理机构等有关部门处理。

The finance department of the State Council and the social insurance administrative department of the State Council shall, in accordance with their respective duties, supervise the revenue and expenditure, management, and investment operations of the National Social Security Fund; if problems are found, they shall handle them according to law; if not within their scope of duties, they shall transfer the matter to the foreign exchange administration department of the State Council, the securities regulatory authority of the State Council, the banking regulatory authority of the State Council, or other relevant departments for handling according to law.

国务院外汇管理部门、国务院证券监督管理机构、国务院银行业监督管理机构按照各自职责对投资管理人投资、托管人保管全国社会保障基金情况实施监督；发现违法违规行为的，应当依法处理，并及时通知国务院财政部门、国务院社会保险行政部门。

The foreign exchange administration department of the State Council, the securities regulatory authority of the State Council, and the banking regulatory authority of the State Council shall, in accordance with their respective duties, supervise the investment by investment managers and the custody by custodians of the National Social Security Fund; if any illegal or non-compliant acts are found, they shall handle them according to law and promptly notify the finance department of the State Council and the social insurance administrative department of the State Council.

对全国社会保障基金境外投资管理人、托管人的监督，由国务院证券监督管理机构、国务院银行业监督管理机构按照与投资管理人、托管人所在国家或者地区有关监督管理机构签署的合作文件的规定执行。

The supervision of overseas investment managers and custodians of the National Social Security Fund shall be carried out by the securities regulatory authority of the State Council and the banking regulatory authority of the State Council in accordance with the cooperation documents signed with the relevant regulatory authorities of the country or region where the investment managers and custodians are located.

审计署应当对全国社会保障基金每年至少进行一次审计。审计结果应当向社会公布。

The National Audit Office shall audit the National Social Security Fund at least once a year. The audit results shall be disclosed to the public.

全国社会保障基金理事会应当通过公开招标的方式选聘会计师事务所，对全国社会保障基金进行审计。

The National Council for Social Security Fund shall select and appoint an accounting firm through public bidding to audit the National Social Security Fund.

全国社会保障基金理事会应当通过其官方网站、全国范围内发行的报纸每年向社会公布全国社会保障基金的收支、管理和投资运营情况，接受社会监督。

The National Council for Social Security Fund shall annually disclose the revenue and expenditure, management, and investment operations of the National Social Security Fund to the public through its official website and newspapers distributed nationwide, subject to public supervision.

全国社会保障基金境内投资管理人、托管人违反本条例第十六条、第十八条第二款规定的，由国务院证券监督管理机构、国务院银行业监督管理机构责令改正，没收违法所得，并处违法所得1倍以上5倍以下罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下罚款；对直接负责的主管人员和其他直接责任人员给予警告，暂停或者撤销有关从业资格，并处3万元以上30万元以下罚款；构成犯罪的，依法追究刑事责任。

If a domestic investment manager or custodian of the National Social Security Fund violates the provisions of Article 16 or Article 18, paragraph 2 of these Regulations, the securities regulatory authority of the State Council or the banking regulatory authority of the State Council shall order correction, confiscate illegal gains, and impose a fine of not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 1 million yuan, a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed concurrently; the directly responsible person in charge and other directly responsible personnel shall be given a warning, their relevant practice qualifications shall be suspended or revoked, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed concurrently; if a crime is constituted, criminal liability shall be pursued according to law.

全国社会保障基金理事会违反本条例规定的，由国务院财政部门、国务院社会保险行政部门责令改正；对直接负责的主管人员和其他直接责任人员依法给予处分；构成犯罪的，依法追究刑事责任。

If the National Social Security Fund Council violates the provisions of these Regulations, the finance department of the State Council or the social insurance administrative department of the State Council shall order correction; the directly responsible person in charge and other directly responsible personnel shall be given sanctions according to law; if a crime is constituted, criminal liability shall be pursued according to law.

国家工作人员在全国社会保障基金管理运营、监督工作中滥用职权、玩忽职守、徇私舞弊的，依法给予处分；构成犯罪的，依法追究刑事责任。

If a state functionary abuses power, neglects duty, or engages in malpractice for personal gain in the management, operation, or supervision of the National Social Security Fund, sanctions shall be imposed according to law; if a crime is constituted, criminal liability shall be pursued according to law.

违反本条例规定，给全国社会保障基金造成损失的，依法承担赔偿责任。

If a violation of these Regulations causes losses to the National Social Security Fund, compensation liability shall be borne according to law.

经国务院批准，全国社会保障基金理事会可以接受省级人民政府的委托管理运营社会保险基金；受托管理运营社会保险基金，按照国务院有关社会保险基金投资管理的规定执行。

With the approval of the State Council, the National Social Security Fund Council may accept the entrustment of provincial people's governments to manage and operate social insurance funds; the entrusted management and operation of social insurance funds shall be carried out in accordance with the provisions of the State Council on the investment management of social insurance funds.

本条例自2016年5月1日起施行。

These Regulations shall come into force on May 1, 2016.