Is Transferring State-Owned Equity to Social Security Funds "Shifting from Left Hand to Right Hand"?

Recently, there have been growing calls to increase rural pensions, but the question of where the money will come from requires careful consideration and is a topic frequently discussed in academic circles. Previously, several renowned economists proposed a solution: transferring state-owned equity to bolster social security funds.

Recently, the Ministry of Finance and the State Taxation Administration jointly issued the "Notice on Tax Policies for the Operation and Management of State-Owned Equity and Cash Proceeds Transferred to Social Security Funds" (hereinafter referred to as the "Notice"), which provides safeguards for transferring state-owned equity to social security funds through multiple tax exemption policies, drawing public attention.

Southern Metropolis Daily: We have noted that as early as November 2017, the State Council issued the "Implementation Plan for Transferring Part of State-Owned Capital to Social Security Funds," deciding to transfer part of state-owned capital to replenish social security funds. What progress and achievements have been made over the years?

Wang Chong: I have data from the National Council for Social Security Fund. Since the first batch of state-owned equity transfers in 2018, the Social Security Fund has received transferred state-owned equity from 93 central enterprises and central financial institutions. By the end of 2024, the book value of the transferred state-owned equity reached 2.1 trillion yuan, with dividends from transferred enterprises amounting to 26.422 billion yuan in 2024 and cumulative dividends reaching 111.606 billion yuan. It can be said that the book value of the transferred state-owned equity has reached a trillion-yuan scale, and the cumulative dividends from transferred equity received by the social security fund in 2024 exceeded 100 billion yuan.

Southern Metropolis Daily: The cumulative dividends from transferred equity received by the social security fund in 2024 have already exceeded 100 billion yuan. Why did the Ministry of Finance and the State Taxation Administration choose to introduce tax exemption policies at this time?

For example, the cumulative dividends from transferred equity received by the social security fund in 2024 reached 111.6 billion yuan. If estimated at a 0.1% securities transaction stamp duty rate, if the transaction scale reached trillions of yuan that year, the stamp duty exemption alone could save over 1 billion yuan. If exemptions for value-added tax, corporate income tax, and other multiple tax burdens are added, it would significantly expand the net profit margin of the承接主体 (receiving entities), further enhancing their investment strength and operational stability as "long-term funds" in the capital market.