Word: pension
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Like many of the oracular pronouncements of China's Communist Party, the arrest last week of Shanghai Party boss Chen Liangyu had multiple meanings. On one level, the purge of a prominent Politburo member-over allegations that Chen allowed associates to milk Shanghai's pension accounts to fund investments in the city's booming real estate-was widely seen as a political move by President Hu Jintao to consolidate power ahead of next year's Party Congress. On a second level, Chen's arrest, along with the news late last week that real estate speculation was also under scrutiny...
...Despite its dizzying growth, China is going to get old before it gets rich. "China has both a pension problem and a demographic problem," says Michael Pettis, a finance professor at Peking University. Existing pension systems are inadequate and cover only 13% of the population; with the number of Chinese over 60 expected to soar from nearly 140 million now to 250 million by 2020, the financial burden is only worsening. In that context, the allegations against Chen "are very serious if they are true," says a former economic-planning official. "[Pension reform] is one of the most important things...
...blame him. But in the interest of my fellow classmates, I thought I would provide a hypothetical Q-and-A for the cancelled session. Q: Amaranth sounds so exciting. But I don’t get it. What do you do? A: Foundations, rich people, and pension funds—both public and private— give us money to trade just about anything because we create ingenious models that eliminate much of the risks from trading. Q: Nice. Can I make a lot of money at Amaranth? A: Oh yeah. The beauty of Amaranth is that we make money...
While the real return for most central banks’ portfolios has historically averaged less than 2 percent, major pension portfolios—which typically have significant stock holdings—average close to 6 percent real returns each year, Summers said...
While the real return for most central banks’ portfolios has historically averaged less than 2 percent, major pension portfolios—which typically have significant stock holdings—average close to 6 percent real returns each year, Summers said...