Zheng Fuxiang, chief product officer of China Recruitment Financial Management: Public -funded asset management products will usher in development opportunities

21st Century Business Herald reporter Li Yu intern Yang Yachen Shenzhen Report

"In the investment of domestic personal pension accounts, the prospects of public funding funds and banking wealth management are relatively large." On August 26, Zheng Fuxiang, chief product officer of the China Merchants Financial Management, attended " China Pension Financial Responsibility Development Symposium and "White Paper on the Development of China Pension Finance Responsibility" said that bank wealth management will play an important role in personal pension account investment.

In April of this year, the General Office of the State Council officially released the "Opinions on Promoting the Development of Personal Pension" (hereinafter referred to as "Opinions"). Zheng Fuxiang believes that this marks the official opening of the Chinese version 401K. "The article clearly clarifies the account system of personal pensions, and is fully paid by individuals. The clearly included products include bank wealth management, deposit, and commercial pension insurance, which is of great significance and inspiring."

In the densely introduced period of pensions, what kind of products have a large market space that has attracted much attention from market space. Zheng Fuxiang's research through systematic research believes that pensions are not necessarily configured with many public offering products including public funds and bank financial management.

In his opinion, the pension system of a country's DC plan in the second pillar (the dependent Contribution, DC Plan) and the higher the dependence of the third pillar The less. When the first pillar and the second pillar (DB PLAN) planned investment in DB (DB PLAN), the first pillar and the second pillar are planned to invest in the role of institutional investors. Most of the DB plan investment is based Professional investment advisory investment. Investment in the DC plan in the second pillar and the third -pillar personal pension account is mainly based on individual investment entities, and will invest more public funds.

For example, the world's largest pension fund, the first pillar of pensions in Japan, is mainly invested by commissioned by professional institutions, and rarely invests in public funds. Investment in the DC plan in the second pillar and the third pillar of personal pension accounts is mainly based on individual investment entities, and will invest more public funds.

"It is expected that public -funded asset management products will usher in development opportunities." Zheng Fuxiang said, "Among the three pillars of our pensions, the first pillar social security. In the second pillar, there is no DB plan, only enterprises (jobs) Industrial annuity belongs to the DC plan. However, my country's DC enterprise annuity investment is different from international practice. In essence, it is still an institutional behavior. Globally, the population aging has led to the capital gap in DB. It is unlikely that there is a DB stage, and the current development of DC has also encountered a bottleneck. Therefore, the third pillar of my country's future growth will be the third pillar, that is, the current government's personal pension account. "

In terms of the structure of the configured public offering funds, Zheng Fuxiang believes that China's current situation is more inclined to Japan and will move closer to the United States for a long time.

Specifically, the common point of the United States and Japan is that among the common funds invested by DC, the proportion of stock funds and hybrid funds is relatively high. The United States reaches 60%and Japan is about 40%. As a product with long -term investment and high stock positions, long -term investment income is much higher than bonds. However, due to the conservative investment of Japanese residents, its bond funds (half of which are funds that mainly invest in overseas bonds) and hybrid funds are higher than the United States. At present, there are better development. In the long run, the proportion of hybrid funds with higher stock funds and high stock positions will gradually increase.

At present, the proportion of passive products in the common fund invested in the US DC plan has reached about 20%(not including ETF). Among the investment trusts invested by the Japanese DC plan, passive funds account for 70%to 75%. Indexation is currently a major trend of the United States and Japan Pension Investment Fund, but Zheng Fuxiang believes that China will still focus on active management in the short term: "Due to the existence of Alpha's income in the A -share market, China will still take proactive management in the short term. In the long run, there is a large space for index products. With the process of A -share institutionalization and the rise of investment advisors, there may also be passive trend. "

Zheng Fuxiang further analyzes the possibility of the development of public offering products in my country. He believes that my country's personal pension account will inevitably allocate public offering products, including public funds and bank financial management. Because my country's long -term inflation, no risk and low -risk assets such as deposits, insurance, and insurance cannot resist inflation and cannot meet the needs of pension. At the same time, the further improvement of my country's capital market is conducive to the entry of personal pensions.

In terms of the distribution of target date funds and target risk funds, in the US DC and personal pension accounts, there are many target date funds and fewer target risk funds. Because the target risk fund cannot provide the convenience of adjustment, at the same time, it costs higher than the index fund. Japan's target date funds and target risk funds are relatively small. Fund products are more of investment types, that is, target risk funds in a broad sense.

Therefore, Zheng Fuxiang believes that due to the stable overall risk preferences of investors in my country, it will still be based on investment target risk products.As of June this year, my country's target risk fund was 79.5 billion yuan, and the target date fund was 14.5 billion yuan.In the future, in China, whether the target date can become a mainstream product like the United States, it depends on investors' acceptance of risks and also depends on policy support."In summary, in the investment of domestic personal pension accounts, the prospects of public funding funds and banking financial management are relatively large. Among them, it is expected that it is currently based on a stable target risk product.Under the support, the target date products also have broad prospects. At present, it is mainly based on active management, but passive products have more room for development. "Zheng Fuxiang believes that bank wealth management will play an important role in the investment of personal pension accountsEssence

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