1、 养老金融评论养老金融评论 2022 年第 6 期（总第 79 期） n 杨燕绥：中国共产党对国家养老金制度的探索与实践 n 郑秉文：职工基本养老保险全国统筹的实现路径与制度目标 n 贾 康：基本养老金全国统筹有助提升共济功能 n 刘德浩 等：职工养老保险全国统筹的理论逻辑与实现路径 n 工作论文：德国养老金体系详解 中国养老金融 50 人论坛 内部资料 妥善保存 中国养老金融中国养老金融50人论坛简介人论坛简介 中国养老金融 50 人论坛(CAFF50)由董克用教授联合华夏新供给经济学研究院等多家机构共同发起，于 2015 年 12 月 9 日正式成立。论坛成员由政界、学界和业界具有深厚学

2、术功底和重要社会影响力的人士组成。论坛主要关注养老金金融、养老服务金融和养老产业金融三部分内容， 致力于成为养老金融领域的高端专业智库，旨在为政策制定提供智力支持，为行业发展搭建交流平台，向媒体大众传播专业知识。随着对养老金融研究的深入，为了促进产业落地，贵州国康养老金融研究院于 2021 年 1月 29 日在北京宣布成立，致力于将自身建设成为一流、综合、专业的养老金融智库。 论坛学术顾问：论坛学术顾问： 潘功胜 王忠民 胡晓义 宋晓梧 论坛秘书长：论坛秘书长： 董克用 常务副秘书长：常务副秘书长： 张 栋 副秘书长：副秘书长： 孙 博 王赓宇 施文凯 李 洁 1 养老金融评论简介养老金融评论

3、简介 养老金融评论 是中国养老金融 50 人论坛月度官方刊物，秉承“专业性、 前瞻性、 国际性”的学术理念， 以“为政策制定提供智力支持， 为行业发展搭建交流平台， 向媒体大众传播专业知识”为宗旨，重点反映论坛成员的学术成果与观点；跟踪国际理论前沿与实践动态；探讨中国养老金融改革与发展，促进养老金融领域交流与融合。我们诚挚欢迎业界、学界的专家踊跃撰稿，为我国养老金融发展贡献智慧。 养老金融评论编委会养老金融评论编委会 主编：主编： 董克用 姚余栋 执行主编：执行主编： 张 栋 孙 博 编辑组成员：编辑组成员： 施文凯 尤 杨 于东浩 _ 来稿、订阅及索要过刊等事宜，请发邮件至编辑部工作邮箱

4、进行联系。 2 目目 录录 【本期重点关注】【本期重点关注】 杨燕绥：中国共产党对国家养老金制度的探索与实践 . 4 郑秉文：职工基本养老保险全国统筹的实现路径与制度目标 . 18 贾 康：基本养老金全国统筹有助提升共济功能 . 44 刘德浩 等：职工养老保险全国统筹的理论逻辑与实现路径 . 48 【养老金融工作论文养老金融工作论文】 工作论文：德国养老金体系详解 . 74 【养老金融观点集萃养老金融观点集萃】 席 恒：以管理创新促进新业态从业人员的社会保险融入 . 90 娄飞鹏：推进养老理财产品规范健康发展 . 99 【CAFF50大事记大事记】 2022 年 5 月 CAFF50 动态 .

5、 109 本期重点关注 3 !#!#$%&()*+,-./ 90 0123456789:;=?:;AB6C 2020 0D6EFGHIJKLMF9:N:OPQRSTUVW(XYZ006_abcd%efghiYj67 1 klmIn&()o%:;Po%:;*+Inp6 qCo%rstuvwx&()LMyz|6Z(&M_6 C*+-hKLMg6vwg&M“”(XP z&M t#b%&M 50 Qd -fb%au%&M*+gIb%&M 50 Qdb%Vf.V(bL&()o%:;gIJ*+b%&M 50 QdffuL&Mo%:;”?b%&M 50 Qd-f&()o%:;gIJ64P 本期重点关注 4

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20、+gLCA:;LMP1991 U 1997 0uB?cbF9:;.E6mZii!g6”In6c)g 本期重点关注 23 ?:;ABgP :; 19982006 06 p)BInF9:;&()*+g-:;P.0g61998 0%efZIT,L&()F9:;U,:;pv-”g 6)B?cInF9:;LRLM+dayaLd#v8:Aw1999 0JK(XYUtYZ23L&()F9:;*+”g 6uIF9:;?cjP C./bcJu46 YFG”* v8:Aw6”9(FGIJ:N:OW-gF9:;PC9:;6T,UgaydPUSM5TK!6&()K”$% LNP 8:; 20072016 06 pFB

21、InF9:;$%”g6:;P*+C9:;ZR6?:;ABFB?-*/6 2007 0JK(XYUtY ZT,L&()F9:;”g 6q 10 0Dgv8:Aw”vz:Aw =*+UidayUaLd#U:;|dLM+dw-d,e/:A 6 2009 0i”FG23F9:;*+6 p#Yg#“”A7gFGPC9:;6KQ&Q|#Z6:;AB!gKX”6tQ|/I6DgZ 2009 0=h6pK8diBInF9:;Uo%:;.E=g9CAP 本期重点关注 24 i:; 20172020 06p8diBInF9:;IJo%:;g:;PCIJo%:;CD69:;KIJF9:;UInbc*+u|P CIJ

22、F9:;g./b6Yp 2017 08BInvz:Aw6u0piBIn9pgv:Aw 62020 00DoIJF9:;P7 2018 0bc*+IK 4 06za“P :; 2021 04565QKo%:;/g:;PC2020 00DzIJF9:;Cp6.A0go%:;S:2g62021 0 12 kT,L&()o%:;*+In56hR 2022 0 1 k 1 *AP - 3 9QRu*+-U?*+)c6 _pu|QRqi”F9:;6“R6q 11 9Yq,=M,gvOO:;wv:;w 6-&() 本期重点关注 25 :;P v8:AwpEFd,wdqrs23:AgT,ayd:AgLM-+*

23、d:AgF9q6LQRC 1998 00DCDPIbc%6B0JK(XYqv8:Awt!:A-U+LMd:AT,U9QaLUayd:AO|U#P%ef 1998 0g ZIT,L&()F9:;U,:;pv-”gUJK(XYdtY 1999 0gZ23L&()F9:;*+”g QRgHp v8:Aw 6”A|)K!6%efQRgv:AgF9qw!v:AgO|U#w P 1998 0bc?cg4 v8:Aw gF9:;&()g vw 6 YFGgp vY8:Aw 6 67FG62007 02F9:;*+Po:#6qCt6”FGIJKF9:;61v6IJv%8:Awg” FP F&()P7 20 .

24、/ 80 01=66PIJF9:;6 F*K1gvz:Aw6c)K FT,L&()OP 6oIUeYN&()a6oFrs&()LMI:N:O6o 100%IJ&MVW-P Fgvz:AwpoF:AiQR6:Aaay6:A:;|6:A56:ALM6 本期重点关注 26 :AIq-P _b+UR+gpoF:Aq-6Cypo%AdJCgIoFq-gFG6 :;AB?*F9Cp”aLAcJ=)U(bNN23(XP FIgF9:;o%3A9gP =8FBInF9:;#?cvz:Aw=8FBInF9:;#?cvz:Aw ZZF9:;*+g$%rs6 6 2005 0%efFB?cIJF9:;d 23F9*

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68、g kl O,&M6V_VwV#T6”eg,&M#T=9:Y dQUug,&M#T=:Y 6,&M#THpoQRg6HaPQUug,&MDgSQ|p 6530P 8O9Q&M6Ap$7&MUCm&M6u9Q&M#TcH.r 20 0P 7564u&6ApQ()6SQ| 10930 ?ApCG&6P9CGdLM6QRK 42260 gSQ|P 养老金融工作论文 77 Qt8OgzCZ6 pD%g&M”d6”g&MW-gf-6tpvg QPC%68ODgYpQ()69%QH”8GQ()PV6%Q>EgAYL-HC9-6p9CGL”NS667*FGHg9:p6DC)g4P96%DC67A=K Q

69、&Mg6P 2 20153P:efgU-efg3P:efgU-efg FFVWVW/JJ !#$%&()*+,-./ 7%0QgN5T6? 2 i67- p&M89OE#T6 g”K5#TnoQ&g6gOM?”gp5#T?g&MLMP )YE#T$%0Qg46 AOb6 r 90%gQR&() = 养老金融工作论文 78 QUug&M#T 6pyDnoNgPpAObge&M#T6nope4* 2405k6 pygANP V6 ,QRQ” 2270 kPZZug&MLM6eU,QRQAOgR&()5Z5:gaQ6 C%kegLMp 412 kPuZmno56O4. 50%g&MN6I2-Og&M

70、py-gP 8OgLMp 493 6W-C 20 0DlmZ 养老金融工作论文 79 8OQ6 g8O&MN6 rR&()&Mg 50%6 $7&M0N?v”WgP yDgCZ6”8O&MgQKP d%gAOHd%gAOH AObgCZR&()P R&()pJNJ*6 hRgz89epad x1yUno0P“$t?no02* 80 6$thJNJ&Mgi”6pJIgP9$t-67ayUx1ygP %AOgCZayUx1yCxgP yDAO&MayC 18%-19%6p 14%6CDW70ayk*. 20%P Brsch-Supan et al.(2020)3667*A1JCqC50no6C5g

71、 10-15 0tayqW- 24%P 7x1y56 %gx1yAqpl&gnoQ? 50%g&Mx1y64“a 45 0l&gnoQP %yDg-46 x1yq7 50%4 42%=? 3 P2U6d8O?Kg%xP ?A67tgq+56%yD”gtwZAOgR&()6? 4 i65q57gtdP*R&()bP yDguR&()gd GDP g 2.5%6 Brsch-Supan g36dgMq 养老金融工作论文 80 KZ 3.2%PV6eOg&Ma6eQ&g 10%6tAq”gAO&M6“67*AY6I2ZO&Mgw“7P 3 =efgU6=efgU6 Brsch-Supan et al

72、.(2020 a) 4 P:=efUP:=efUGDPUU Brsch-Supan et al.(2020 b) 8dO,&Mg&rs78dO,&Mg&rs7 养老金融工作论文 81 %gOhrs6”i9&#qr|J=Direct Promise dqr()=Direct Insurance d&LM=Pensionskasse d&LM=Pensionsfonds 6? 5 iP 5 20193P:4efgg3P:4efgg kl 1.qr|J=qr|J=Direct Promise qr|J#Tp.ugu|Jg56 WJuno4*AZu?g&MP lm?&g&Mp;Sg6pK:gLMR&=

73、DB#T6WC5LgSd-_&MdP JC”AL2Kga!gLMR&#TPqr|J#T”Mg6JNJ*gR&()Vz_6 yDp%OZg&()L?Q()6 u_uZ6pO2gPqr()OW47.70%11.00%28.00%7.60%5.70%直接承诺 Direct Promise直接保险 Direct Insurance养老基金 Pensionskasse新型养老基金Pensionsfonds支持基金Unterstzungskassen 养老金融工作论文 82 ag 11%P 3.&LM=&LM=Pensionskasse ”Rg&ML4?6 *1gPSf-P 4.&LM=&LM=Pensi

74、onsfonds cg&M&6”g&LM6VW“rsgPS6V4rN5,qr|J#Tg&MP 7SM;5564K:g DB &da!g DB&d&M(g DC &dDC &PK:g DB #Tp%LSd-g$d6C 2000 0”7no6W7%L KJMg6p$C. 20 0$g,ePJC67g#THsNK6ts“J1g#Ti1Po DC &g&M#Tpcg=2018 0 6D.Mf-YgA6InP 056qr()U&LMgZPt;S6L*()gf-6Qt2t“oda6*“7T,gOPPyD%gOC*aR&g6=P iidd%&MgzQ%&MgzQ =1%QuZ()#TgC%QuZ()#TgC

75、 7pf-gq+56()#T“XZ-6P6Og&Mp.()Q-g6&LMpA()62AOg,&LMLCyvg()Q-Cb6 8ObgQ()pP?A679Qq+56%Q 养老金融工作论文 83 Q”8G9Q)6%QRS5P96u99gV 6%gOb”g()#TPv6”g9P%gLM,C.gh0$Z6QRK$gSMPp6Q()mZ 20 ./6PF3Z 1890 06()” 60-70 0ggP =2%DC#T%#T%401=Kgg %gO&M6 4V25TVg&P)Y6Z2Au2g6Ap&u6t”,Tg&LM6u23,Tg&M#TP_B6%”,&LM6PMmQg&LM6p!9,23g6W-p,t

76、gu6pbdQ|gL,rstg&M#TPp6qr()#T6Apug&d&T,6PF4%gL?qr()Pi4O6_Ip9QDCgP&g DC #TmZ%g&LM=Pensionfonds 6 pZ()f-6 9()gQPj”2_g(agCMC*Q)de6”_3g2WP&LM_#Tgw(p64,T*RPSiPyDgp6Ag DC #T”In62018 0cg,K”lmP %g 401=K#TI-pA9QCG#TP401=Kg9Q4,TZg64 20 646-2|Pp$26xpC%QbdpC 养老金融工作论文 84 %Qb6H”gM5)hRP401=K#T?K764Vg6“4CtCx4W-U”AAg

77、W)c-ghRPp6vA &Mgg6 gp$tvgV$t4 QSMgPS6“$tgp&Mgx1y69Q_S5)PShi6 W-9Q_,ug)UNgPS“P 9p6 9QgPSW-6 p9QgCG#T6Z9Q:a69QhRyPS6*A9PS“P9Q4,TZy_g()P p6 “pA9g&M#T6“cJKCg4649QP&M#T67*gPSz86C4 6pZ9QgPp96PS”89gTU9:6zdz)6PSz8PPSz8p7QWWHgA99:6“9Q5)hR6vpzHghR69QX*yDgTU6*y XYge-6)czghRPp&MV6$t67h0gPSz8669Q”R)c 30 0d40 0gP

78、ShRP&MgPS4Z,Qk5)PuZ DC #T564Z_3g6CMykgf- 59PSP uZO56gpAOgx1y69Og&M#T”vwgPC8Og9Q&M#Tb69QI4,TRSg6()dLMp9g 养老金融工作论文 85 H4P =3%&M#TCxg4%&M#TCxg4 “UCVgLCx“6 %VWqUgO&M7A9L4p*?A9L6IvrsPP6A9f_Cff6p4*A*ZL6pP9QpWN*8Vg&M6A&MHW69”CA9#TbxvaP q7f_g&LMb&M6“paKh069&MW7Py*ZLWvQgAOa6WKh06C9:bgaV7Pp6y9Q6Weg&M6W769V”0P

79、qp89Vg&MLMP =49Q&Mg-9Q&Mg- 8OC%gD6 L-p.()16 96”CAR/+-.MQLPKCQhg6 Q&M4C-Z6 p%g&MIy()d9g6W”QKZP$7&MgI6g47u9q+56PA6$7?KNJ(X6btInNJ(Xg6!C_-c5?A6uZ QM569gmn6$7&MgLw(P.6$7g&M*gd648O&Mg 养老金融工作论文 86 pCRgP =59Q&MI69Q&MI6 %gMI2-pvg6P6%Q”8GQ()6A9LM6C9”A96”99CGP”dg QMHpgP?v6” 30%g%QXvPS6pnopNgAYP“*g&M6P$76I“7g-

80、P“vC8Ob?A9&M6pKAOgx1y6$tb5#A6Ch0gab6(K6C!%8O&M6g!%8O&M6g &M*+gp6789#g=Purpose d=Ambitious dU(Collective)P 6d8Oggppx1yP9AOgx1y76W 4P_gg&pZ QtE6pQR&MP p6 pC%Aq”Z&Mg(UNJg6$tK 20-30 0cKaR&g#TP95)dCop%Qgl&6pQ()C%Kg9P8OWps(X6Ny(XdM(X6jEEg(X6pCyAf-|5b6(Hp 养老金融工作论文 87 &MPSgd6aR&DCPC%6I”7QaR&g#T6 p$t50qgjP $

81、tC%g,Mm,gb6 LK#8O&MgpgPSP ”Qpg_.6&MPSph0pg6$tx3h0xW_696jA9Z&MavgNJ6p(.g5P KZgUgp6 67y2&M*+P$p=Collective*+gaIOKPQtg9Q_bW-xgpe6CJ1VWbe“RP96$tJC”A9Rga#TA9PC$56yAg&M*+HZyA9Q*+P 9C”9Qg*+b6 WpW”Q)c-g6 *g“P p6“A9g&M#T6 9Qqg&Mpg6p$*“Cg“Py$tKgd_d9QU89p64lm67y#NJgP p6 $2C%gpjA9Q”&M#T6“gp6)Y6A9&M#TP yQt*68O&M

82、p%gVpA9ybgP$OPbv56ce-6$tH=vdgcC_e-6o.gtHC6tL-436“$tJCK65cq_Pu$ 养老金融工作论文 88 6&MpgP$tCvgxrs6&M3g?p 40 067Q2g7PA9M7,6$,vOKQR&#T6QtCGPpCGpA9eg6QtAqC5Df6pgvP$Lp5,ZM,6p5,ZR&()g3PC67*i”g9:6PQ&-dzZ6JNJ*+gRp”8g6j%gAO6”CAOtAOP$t.7vZa6.7v4x1y6“.7vZw6HW EdPC%6$tuZ&Mx1y”A9YRgp 50%6 96 “q5x1y! 42%6$t|g 8%ZU8O5P“A

83、OxIJ9x1y6 CU8OgQR”gWPM,6$tgj&g6pA9gj6$tmz23&MggUCA3P”g6 ”CKCp6 $tjUIP zdzd&MS)2&MS)2 D6A9%g&M60HW*5gAO9Q0+&MP4$g9QP69bi9PA9p6_$DgaM#w6$54g&MP 9p6 “_$yDgaKa65$4g&M6 L-p$4#,Tnopg&MP896p$7 18 * 52 5:Ogi”aP 养老金融工作论文 89 6 W*ubgQP p%J”g6Ki9z6 ”7g6 $vYQWgPOU8Og0+Z&Mgbt5?P “A9Q”7G&M#T6WN*796L“G5HAP %C2A9:Ag

84、&MS)6#qC 20240PP9Q4.9()6*,Tu&M89OgadZ4Pq.Ue ID 5IJ6Vq?!gd89OgoY&MSP9QKA&M#T6egd,QRQgdpR&()6HC-./PV6d8Og&M#T6qC-J6gbt”e:?&M#TgSP .AVgj6 %zhRC9:-”Z&Mc#v-$%VW_e-U-dQ&-d,57-6ssGo+db,Qd,QVW()*+P wbbcZ*R%UVW6hi90QTUt80g2bc6 vhiwzxvGo$%od:;d:AdKg7ABVW(Xw 6L(?cvGob,QVW(X*+w vOKUQr6,Mw PIJA6$%VW(XLbuv6dZg,7,

85、QgVW(XjP AAdd,7,QJK,7,QJK ,7,QJKpLZF()DCg6 &JKK:ibgJK”gw(P C1O-6 K:guJKpC,-z65g6,JKpCF(1S-d-db-g 65gP C3-6 K:guJK3S6QdYRg,3v”8,JK3S“6,37pQdb,gM56“7PCq-6K:guJKpAAubgJK6V-g56”zRgm,JKp7JK6g56”zbgmPCT,-6K:guJK%uJKRg”O*6-U-g/ ,JK%Ng,6v 养老金融观点集萃 92 ji”6jiw 6ug56“7p4gM5-PC-6K:guJK96x6”wgVUU*,JKp66DCg6I6*+P

86、CJK-6K:guJKJSNg|56%qgQrUA6xyddMN”gQr,JKJSzdNg|56%gbdNdxgb,Z64_bP dd,7,QJKuJ1VW()g,7,QJKuJ1VW()g C,JK|-db-g4 6JKgxy#5_K”e-6 7K:uJKgkx#4-*xdx62#xy#PuJKAgvuw“*-6K:4uduLN64kxaLgVW()*+64b,JKge-P ,JKpOF(S)6 CJ”,b_IcgIdOdbKb6ZJK23LZRj23RgJKP,JKg&#ApqrJK6Z)23JK6JKuZ)236)qrJKV67uRgeMgJK6dg-A7,QPtp,7,Q6JKmZK:

87、guPpJK6ZJe23I223gj6 qJK&236 养老金融观点集萃 93 JKC23g- ?JK6 23723a6LsJKOJKygA;JKP_bJK23CxpJK6”ARgQ,623CxpJe6 DCQ,P 8pJK6NQR)_)6Z)-JK6JKZA979)-MgJK6(/drd(Ldtd(PJK)-“7gpAt,6DCQ,Pip,uJK6N,g_SF()6JK,Tu,TgJKP,JKg6pJJK(XVx7,QgJK(XjP ,JKMgM9# ApQRSTg?PC,gdd)|5 6T,xqr?Z_egS6.)?S6Je?gSdQe6L.J1SQR79T,?Je67vAuAwgvAu7

88、wg4ePpXg4P)qr?RigS64KuJe?SdUtdXgE6?K;gay6AR/+-bKSQRSCtgVWSTDP 8pT,g7-PT,ghipZT,gXhRg6”yT,tY_gZvYZg6 T,WtY_b 养老金融观点集萃 94 KP,g_6DT,“rsNX6A=4KX6?KSTNyPC,dd)g 6T,Je?4.)6LZgIJE,NJ-6JK|5Z|-d,Z-dl-d-PJKge-uK:5?cK6JK,K”nZ%6 JK)Cxg|RP uJKg2RUJKVg?cKj636“uVW()-UK:gvT,+wg(|55Km-6 _KO23g(QR4bxu7ug,d-*4bKg,7,d4S

89、Lg4b,7,QgNKP96yVW()*+_-6p,7,QVW()gP 88dd!-5?,7,QV(!-5?,7,QV( CyD, 67,QgK6VW()4prDCX,73!4e!67,QN)_6L_(NH/Pu(,G(23YdvwgFK*6Qd#wdQR0;23Kg,7,Q,)6(*+b(dbP8p.a-)gVW(),e/P ip4(d o6 IJVW(X+I“d I./dgLPp!Q&d,edSMdSddi623o%:AgVW()e)Pzp23bKdq-gVW()P 23vd ,G8*ge()6 wuxu723vd ,G8*ge()6 wuxu7,Q239QaUdg;S|5P,Q239Qa

90、Udg;S|5PVg,7,Q64;Vge()*6wuzdRgZVA)6 “C5)VAx;t7lejeg46467_23!W6uT,_id_dJK(gdo(XQrP6W,UW4j!67d%dQBOK6JK”“7gP d !UQrF()g66 E,7,Qd !UQrF()g66 E,7,QVW()=PVW() 22 78 养老金融观点集萃 100 U&tW?6 u&t”-gj 6M”E&tgxR6 D%tm&tP=Z%6LM-g96CtgIR”Z%P-M6K%tS-,QrG66IZQrMS-,eg!Wj62019 0lm39tL6%ttL6P9(fWg:#6 2021 0 8 k6” 29 9tL

91、A;26_b 21 tLl,PtLKM6”EgYRNJUSPS36O/16S*+Qr64O9gd=d!&t?,-gMeP b%t(g62021 0-06 $%t,9UtLR#t 2.6 6R#SM 62.4 2021 0 6 kD6$%t” 3.97 69tD 25.8 PV610 tLQ%&()XG”8L;26 qA 养老金融观点集萃 102 =Z%&tgIRP QK&t6PQK&t6P vhiwQTU 2035 0 ?c6 InQbuQ&-%6 67ABd7O&()6?T,0M$%y6Qr68O&()PuQ&-g66$%vEYwUvYwgI2466%v36C23AO!L&()dOT,0MU

92、,0MgLN-6CDLQr8O&()6P 2E8O&()6 C 20180P9QUNrs&t,&()gLN-62021 0C9(fWg! Ypcmt,&()d&tP6cg=”P9(fW?c6E&()6?NJM5“7g&0M()6 E&SMz-56”aT,0Md,0MQU_Mag&MjP d)AP&t9-d)AP&t9- &tC%tL)BcJP49tP6200906 9C9,tyYc vN -Nw t6.,PS6 0bzGPS5RNJ69Q>jPCCp69,Qs&l6tg6%”&t,9do%XG*t,94tw9HcK&tP.6W56ZZ#d!&tW9:TU6& 养老金融观点集萃 103 tL

93、”6 1 64J_”4 P 1 efef 9:KZ7 G“cPG“cP&t-ZEt,ewGgS;6E8O&()6E!&PS=MzPSzNJgPSPpC&t6b6!MzRSM6yzPS|5P NJy“PNJy“P&t67G6 67NJyPZZ&tpzPS6CPSzxNJye-gI2TU“PCi&tb6,LC 5.8%z8.0%CxPCVzDg80z4-tb6”zK,L6C3.3%z4.5%CxPb%t(g:#62021 0 6 k6tNJy 3.52%6 2021 0-0tNJ 养老金融观点集萃 105 y 3.97%d6pVzDg80z4-t6p 2021 0-0DgtNJy6&tgNJyH“

94、6”ZPS“CvIJS(ZP “P“P&tm6“7g5Pi&t 1 d1 rZg56 Z6 4$%*“7gP Ctay6Zy6“tLNa64“CvPSP&t3ARxp6V”wudX;4Mg?D6 4“CvPSgKj6A=KKPSP 8d&tQrG6g28d&tQrG6g2 &tPDIZ=:;6 p”g6%x6WP36LwB4P“Ce!g&tj6&tgQrG66C_b)C4 g# 7&tcc&tg&m66%v3U$%43t,-R36_f-jQr6&t6 E0;Qwug6Y?bgiOKP c&mPc&mP&tpQR&Sgt6p&tmtgw(P C&t#-&SQRg74 R# )Y6 NKmP 养老

95、金融观点集萃 106 &p9QH6ug6 &t$%g6e“70Q”&SQRjg6CP_B6)*oGP&tp&QRS667*0:;g9QNO6uoj6#m6)C)-6G6.ZPFB6j(ZP&tjoGLW-_uNJyP67*&t&pzPS6xiCpgNJyuzTU“69u&tI”NJyj645Z!gtNP 3t,-R3P3t,-R3P$%WZgV6Q6L6C&tp(LpPI-6p%6C9Q&MN56LpgA99p6MN|5 !C&-.ZytL5$tORPC$%6&()8O=23#AOL&()-(L6C_bEQOEQ23U9QQ67*8O&()3Zt,-R36”ARORgQR&S?OKP 8O&(

96、)23gb5p.t,-56K!“Cvl6&PSP&t8O&()gA63t,-R3P NKQr-6PNKQr-6P&tDlmP6C=:;,*26IJQr-66upQ|K6 养老金融观点集萃 107 P)Y6Qr#U&t67ld#dSPoQr6 I(X&ti_”g&mPSP6Yo9“gS6P%!U,ig6 “CvOKVWzPSjP_B6)CD-6CdD=Qr-6(Q6,PFB6)CS6CStd5UB”a6(PSg46(gCaJPp6E|*+26Go)-*6%-)-6(.)DPCMKQr-6&tgV6Mf-YWu&tgf-36?f-gwu67vYKM,e6gQrP E0;PE0;P&Lp0Qgm60

97、QVDC&CSgjP 7Q&s4noCpsgJI46u&QTUIn-0a“CP0Q,TgORd08&CS60:;g,TQRg&S(ZK*vOcjPC&t6-6z&jU_yzg&t6E0;gI2j6Vg#64“CgV0;gjP6wu0QQR&Sg&t6C67;4VWbx?DOgV6“!9Q.PS/V6-zPS#uZ0Qgt6 养老金融观点集萃 108 (ZgV67_*v_bKOP giOKPgiOKP8O&()CxDCARgx168O6gC”Z4AOUO6gR6 C$%“7gp4AOgRPp79q+676u8O&()6B4giOK6 I2-p.i5KU!9QQ8O&()P C-67&t6 “Cg

98、l6Pu!Z&tMB4+gUNi6 !E,gxR6Z&t6,C&SPV6u&tSMgPS6 C)Og4 7i-VW”PSrsPF6u&t6CgtL67UNdMf-B4OKP CAFF50 大事记 109 2022!5CAFF50#$#$ 1. 5 k 2 *6 b%&M 50 Q012r b%/f69Q&M*+gc)dd*RdInU56P 2. 5 k 6 *6b%&M 50 Ql01W601o( 2022 0 4 kKW601!u 5 kYjUP 3. 5 k 20 *6b%&M 50 Q012bZb9U9tFgvM+w&tE6 &M%tv“4$%9Q&M*+6P 4. 5 k 23 *6b

99、%&M 50 Q012bZ tk F $ F g v5w j6vQ&-dsFnod,0d9Q&Mw36jQ&-&(XP 5. 5 k 26 *6b%&M 50 Q012bb%()S-,UW&M-,qWg v&M-,qW 2022 0ABWwLP 6. 5 k 27 *6b%&M 50 Q%&,bKv14 &,UMg|5wgMOK&,6jW6 j14 &,ykUg CAFF50 大事记 110 6P 7. 5 k 28 *6b%&M 50 Q012b 2022 0ewQ66 L vQ6g*XwcP 8. 5 k 31 *6b%&M 50 Ql01W601o( 2022 0 5 kKW601!u 6 kYjUP