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Point in time, not by the government to operate, but by the authorized agency commissioned market specific operation. In the comments, it was suggested, pension fund investment should clear the minimum rate of return. Zhong responded that, in accordance with the Securities Investment Fund Law, investment managers can not promise illegal profits or bear losses. Therefore, the practice is not illegal. Zhong said the pension investments will be diversified investment portfolio, there are 20 kinds of investment products can be divided into safe assets and risky assets. The former, such as bank deposits and bonds, you get a consistent absolute returns; the latter, such as stock equity products, there is a certain risk, but you can get excess returns. 'The stock market losses, the loss can not as a whole,' Zhong said, as long as the reasonable control of the proportion of investment in good-risk assets, it can effectively spread the risk, obtain a comprehensive return on investment. How to control investment risk? 'Choose an experienced investment institutions investment' Zhong also stressed that the way to clear pension fund custodian bank selection by the Trustee hosted, in addition to part of independent investment, the other to choose an experienced investment institutions to invest. These institutions bodies from the main choice of national and corporate pension fund management experience in social security. Currently, the average annual income of the National Social Security Fund was 8.36%, the average annual income annuity rate of 7.87%, 'There are reasons to believe that pension funds managed by the agencies can also get better returns, but can not say that as long as the investment it is bound to a loss. ' Zhong said. Zhong also said that fund in case there is a loss, it does not mean irreversible. In the market operation process, with all kinds of changes in market prices of investment products, the net value of pension fund will short-term fluctuations, the measures shall be coping. He explained, for example, to extract the Trustee risk reserves, investment managers extract 1% to 20% according to the annual net income from the management fee charged in the current period as a risk reserve, earmarked for investment to make up for losses. (Original title:? Pensions into the stock market have a timetable Department who said 'good preparation for the implementation') Civil Service Exam According to the Xinhua News Agency Hong Kong media said, a Chinese research team claimed they successfully captured