住房公积金外文翻译
2020-2021学年仁爱版英语七年级下册词汇讲义拓展学习法(第128组)
词汇讲义拓展学习法第128组house1) house [英][haus] [美][haʊs]房屋1.Design and Implement of House Sale Management Information System Based on B/S Model;基于B/S模式的房屋销售管理系统的设计与实现2.Preliminary Research on the House Building Technology in Xia, Shang and Zhou Dynasties;夏商周时期房屋建筑技术初步研究3.Public Housing Division [Housing Bureau]公营房屋部〔房屋局〕4.Applications and Home Ownership Division [Housing Department]申请及居屋科〔房屋署〕5.temporary housing area [THA]临时房屋区〔临屋区〕6.Housing Department Estate Artisan Grade Association房屋署屋?技工职系协会7.词汇讲义拓展学习法10t boiler room(civil construction)10T锅炉房屋（土建）8.Housing Bureau [Government Secretariat]房屋局〔政府总部〕9.a fire-resistant house耐火[防火] 房屋10.an heir to property [a house]遗产[房屋] 继承人11.A story in a house.一层楼房房屋内的一层12.cockloft-type block [temporary housing area]双层房舍〔临时房屋区〕13.houses purchased with loans from building societies 由房屋建筑协会贷款购置的房屋14.A house or stronghold perched on a height.高处的房屋建于高处的房屋或堡垒15.building society词汇讲义拓展学习法[英]房屋建筑会, 房屋互助协会16.Housing Progress Committee [Housing Department]房屋建设进度委员会〔房屋署〕17.Housing area is the summation that each level accumulates the building.房屋建筑面积是房屋各层面积的总和。
涉外材料翻译
涉外材料翻译凭证式国债evidence treasury bond记帐式国债account treasury bond记名股name share记名股票inscribed share inscribed stock股份share stock股份证书scrip certificate, stock warrant股利dividends国债(国库券)treasury bond股息收益dividend earned股息收入dividend income记名债券inscribed bond, no-bear bond, registered bond分红distribute a bonus, profit sharing住房抵押贷款housing mortgage loan房产residential holdings房地产收益estate income年终股利year-end dividend年终奖year-end bonus, December bonus奖金incentive pay bonus住房津贴accommodation/house/quarters allowance年租annual rental拆迁费removal compensate私营企业private business合伙企业parenership合伙公司merged company合伙合同deed of partnership合伙契约articles of co-partnership纳税单据tax invoice纳税证明tax certificate纳税额ratal合伙人奖金bonus to partners合伙人薪金partner’s salaries营业执照business license warranty年营业额annual sale volume年利润annual returns纳税后净收入net income after tax财务报表financial report, financial statement纳税后利润after-tax profits纳税后收入after-tax income法人artificial person, corporrate, fiction person, legal person会计报表accounting statement, fiscal statement存款与储蓄deposits and savings存款余额balance held on deposit存款余额确认书confirmation of balance定期存款dated deposit, fixed deposit定期存单time certificate of deposit活期存单demand certificate补偿金compensation fund补助金allowance, assistance payment, subsidy活期储蓄current deposit, demand deposit活期存款checking account, current deposit, demand deposit活期存款帐户account current, current account自动转期定期存款automatic renewal time deposit利息单interest bill, interest note扣缴税额amount withheld退休养老基金retirement fund城市信用合作社urban credit cooperation农村信用合作社rural credit cooperation公司部门的英文标识名称：(人力资源部)Human Resources Department总公司Head Office分公司Branch Office营业部Business Office人事部Personnel Department国际部International Department总务部General Affairs Department财务部General Accounting Department销售部Sales Department促销部Sales Promotion Department企划部Planning Department出口部Export Department进口部Import Department公共关系Public Relations Department研发部Research and Development Department(R&D)秘书室Secretarial Pool广告部Advertising Department产品开发部Product Development 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商务英语口译第13章
国际复兴开发银行（IBRD）： international bank for reconstruction and development
国际开发协会（ IDA ）：International Development Association
全球减贫使命：the mission of global poverty reduction
self-regulatory organizations:自律组织
1
macroeconomic outlook:宏观经济展望
2
financial market disruption:金融市场混乱
3
alleviate the adverse impact:缓解不利影响
4
资本项目可兑换：capital account convertibility
社会事业：social undertakings
建议：平时应多积累与商务知识有关的专业术语。
Sight Interpretation （2）
open market operations:公开市场操作
01
the U.S. Treasury:美国财政部
02
the Federal Open Market Committee(FOMC):
D
the analysis of exchange rate issues:汇率问题的分析
A
SEC（Securities and Exchange Commission ）：美国证券交易委员会
E
Sentences in Focus (E-C)
Sentences in Focus (C-E)
金融衍生品交易：financial derivatives trading 在衍生品市场中担任交易商与做市商的角色： play the roles of brokers and market makers in derivatives market 规避市场风险：hedge market risks 一把“双刃剑”：a double-edged sword 中国银行业协会： China Banking Association（CBA） 中国银监会：China Banking Regulatory Commission（CBRC) 以客户为中心：customer-centeredness 建议：对于有关金融机构的专有名词要多积累。
Case on Misfeasance of Public Housing ..
The Attorney of the Accused
The criminal conduct committed by Liang was embroiled conduct. Following the principle of misdemeanor(minor crime) attached to felony(serious crime), Liang should be punished by the felony. This criminal conduct constituted a bribery only, Liang just wanted to gain benefit fee by taking advantage of his position.
Opinions by different parties:
The Attorney of the Accused
The preliminary examination and reexamine should be operated separately by different censors, but as the regulation of the center, Liang was capable for both examination. According to the investigation of this case, although the columns of "opening bank of the selling company" and "account number" were blank by the end of the reexamination, the application was signed by the leader of the department and went on to the next procedure.
公积金 单词
公积金单词单词：公积金1. 定义与释义1.1词性：名词1.2释义：住房公积金是指国家机关、国有企业、城镇集体企业、外商投资企业、城镇私营企业及其他城镇企业、事业单位、民办非企业单位、社会团体及其在职职工缴存的长期住房储金。
1.3英文释义：Accumulation fund for housing.1.4相关词汇：住房基金（近似概念）。
---2. 起源与背景2.1词源：随着我国住房制度改革而产生的一个概念，旨在帮助职工解决住房问题。
2.2趣闻：在公积金制度发展早期，很多人对公积金的作用认识不足，后来随着房价的上涨以及公积金贷款购房政策的普及，公积金逐渐成为人们购房时的重要资金来源。
---3. 常用搭配与短语3.1短语：（1）公积金贷款：用于职工购买住房时向公积金管理部门申请贷款的情况。
例句：He applied for a provident fund loan to buy a new apartment. 翻译：他申请公积金贷款来买一套新公寓。
（2）公积金缴存：指职工和单位按照规定向公积金账户存钱的行为。
例句：Thepany is responsible for the provident fund deposit of its employees. 翻译：公司负责员工的公积金缴存。
（3）公积金提取：职工符合一定条件时可以从公积金账户中取出钱。
例句：She met the requirements and could do the provident fund withdrawal. 翻译：她符合条件，可以进行公积金提取。
---4. 实用片段（1）“I'm thinking about buying a house, but I don't have enough m oney. Well, I can use my provident fund.” “That's a good idea. T he provident fund can really help a lot.”翻译：“我正考虑买房呢，但是钱不够。
住房公积金外文翻译
The role of the housing provident fund in financing affordable housingdevelopment in ChinaRodney HowesAbstractSince the adoption of the open door policy, the economy of China has been growing ra-pidly. Along with economic achievement, housing problems in major cities in China have re-mained largely unsolved. Under the traditional planned economy since 1949, all housing pro-duction was the responsibility of the State. Due to the lack of finance, new housing production has not been able to keep up with the increasing urban population.Urban housing reform introduced in 1988 proposed a strategy of developing affordable housing for the ordinary households through the private housing market. However the imple-mentation of such a strategy has encountered a number of obstacles including the lack of a second hand housing market,an undeveloped real estate profession, unclear land and property legislation and an absence of proper property management support. Amid these obstacles, the lack of housing finance would appear to be at the core of the problem. In order to generate funding for housing development, the Chinese Government introduced the Housing Provident Fund (HPF) Scheme in Shanghai in 1991. Under the HPF, all employees were required to contribute a proportion of their salaries to HPF and employers contributed a similar amount. Accounts for individual workers were set up in the Construction Bank of China. Today work-ers are allowed to withdraw their HPF savings when they retire, alternatively they can use their HPF savings to purchase homes in the private housing market, or from the Comfortable Housing Projects. HPF is now implemented in most cities in China, although there are some variations in the operation of Scheme. By using an empirical study of the HPF Scheme in Shanghai, this paper reviews the role of the HPF in financing affordable housing development in China.Keywords: Housing provident fund; Housing finance; Housing policy; Shanghai;China1．IntroductionHousing reform has been a crucial component of the overall economic reforms in urban China from the mid-1980s. Since 1949, China as a socialist country, has adopted a welfare housing system where the production, allocation and maintenance of housing has been the responsibility of the relevant work unit . Unlike a mere employer, the work unit provided al-most all aspects of welfare including housing, medical care and education. This scenario has changed in the mid-1980s when housing reform was initiated in major Chinese cities. As early as the late 1970s,China decided to opt for economic reform by promoting market mechanisms within its socialist planned economy. The economic reform progressed well and gradually expanded to other no production sectors. By the mid-1980s, state enterprises/work units began to shed their welfare responsibilities and concentrate on production activities. A crucial part of this development was economic reform associated with the removal of housing provision as employment welfare.Wages in China remained very low because the government and work units provided heavy subsidies and social welfare to their employees. Economic reform required that these subsidies and welfare could be gradually abolished. In 1998, Zhu Rongji, Premier of the Chi-nese State Council, proposed that the housing market would be a pioneer sector in the Chinese economy. Along with the reform of wage structures, people would be provided with better pay in exchange for taking care of their own housing needs. As shown in Table 1, the annual ac-tual income per capital in Shanghai increased throughout the 1990s by 500%. The highest in-come group experienced a 700% increase during the same period. The expectation was that the general increase in the income level of workers would help them to purchase their own flats, instead of relying on the work units for staff quarters. The outcome of these reforms changed housing from a kind of social welfare to a private commodity.A series of housing reform policies aimed at transferring the responsibility for housing provision from the State to the market have been proposed since 1988. Various plans were implemented to sell housing units owned by the state enterprises work units to ‘tenants’. However, responses were not as good as expected. The critical reason for this was because of a mismatch between affordability to urban dwellers and the price level of the commodity housing. In addition, housing units were still being allocated to the workers by state-owned enterprises(SOE), which made housing reform more difficult to implement. After years of piecemeal urban housing reform, the Chinese Government adopted a general policy direction for urban housing reform that required the transfer of responsibility for housing provision from the State to the market. The main focus in the late 1990s was a shift to the operation lev-el of providing financial assistance to the home buyers. The principles associated with aHousing Provident Fund (HPF) Scheme previously adopted in Singapore, were considered by the Chinese Government and deemed to be applicable to China.2．The HPF Scheme in urban ChinaIn early 1991, the Shanghai municipal government established its own HPF Scheme and subsequently introduced its housing reform policy in May, 1991. There were five key policy measures under the housing reform program:(a) Implement the HPF Scheme;(b) Increase rents and replace by wage subsidies;(c) Those who were allocated housing were required to purchase housing bonds;(d) Tenants can purchase state-owned housing at discount rates; and(e) Establish housing committees.The HPF was adopted as the core component of the overall housing reform in Shanghai and it provided a fundamental and long term means to meet the housing needs of the workers without State subsidy. According to the Shanghai Provident Fund Management Centre, there were three main objectives of introducing the HPF:(a) Provision of an effective means to promote the transformation of housing from wel-fare to commodity;(b) Financial support to increase housing production and to meet the housing need of those families in poor living conditions; and(c) The establishment of a housing system under which the State, work units and indi-viduals would join together to provide finance for housing development.Shanghai was the first Chinese city to implement the HPF Scheme as a financial tool for housing reform that included a form of compulsory saving by employees . All employers and employees in Shanghai were required to contribute a percentage of the employees’ salaries on a monthly basis to the’ employees’ account’’ in the HPF. Initially the percentage was set at 5% and subsequently increased to 7% in 1999. The savings under this Scheme were deposited in banks designated by the Shanghai Housing Provident Management Centre and the use of the fund was restricted to provide loans to enterprises for housing production; provision of loans directly to workers to purchase their own flats from the private housing market; and the pro-vision of finance to enterprises or individual households for major housing repair works.Since its implementation in 1991, the HPF Scheme has generally been regarded as suc-cessful in Shanghai, and it has provided a role model for other cities that soon followed suit by adopting similar HPF schemes. The HPF scheme in Shanghai continued to develop rapidly during the 1990s. By the end of 2002, the total amount of HPF accumulated in Shanghai was RMB 57.773 billion. During the year of 2002, the Shanghai HPF accumulated RMB 10.942billion, which was 17.7% higher than 2001.3．Management of the HPFThe Shanghai HPF Scheme is intended to be permanent and it is therefore essential that adequate and proper management of the Fund Scheme is in place. The management and oper-ation of the HPF Scheme followed three guidelines:1. Individual savings complemented by work unit subsidy;2. Administration under a single authority;3. Used for specified housing purposes only.The guidelines require that both the employers and the employees from SOE and pri-vate/joint venture companies set up and contribute to the HPF. It is expected that the non-state owned enterprises will increase rapidly when China becomes a member of the World Trade Organization (WTO) thus allowing foreign investors to run their own businesses in China. Hence the HPF will become an important source of finance for housing production and con-sumption for both the state-owned and non-state owned workers.There are basically three components in the operation of the HPF:1. Housing Committee The body responsible for the planning of residential housing in the city.2. Provident Fund Management Centre the body responsible for the operation and man-agement of the Fund. Responsibilities vary under different approaches.3. Designated BanksFunds are deposited in a bank selected by the Provident Fund Management Centre. The People’s Bank of China is responsible for the determination of interest rates applicable to HPF, while the Ministry of Construction and Ministry of Finance are responsible for overseeing the Scheme at strategic and national levels. At the local level, Housing Committees determine policies in association with Management Centers and designated banks are responsible for the daily operation of the HPF.In practice, not all cities and provinces followed the Shanghai model and as a conse-quence they developed their own management practices. In general there were basically two management approaches adopted in China for the management of the HPF. Under the first approach, the Management Centre commissioned one or more banks to collect and to manage the fund. The Housing Committee would set up special accounts in the selected bank(s) that would be responsible for fund collection and keeping track of the flow of the fund under the supervision of the Management Centre. The Housing Committee had the supreme right to de-cide matters related to the scheme. On the other hand, the banks were responsible for handling the deposits, lending and auditing as well as financial management. Every employee under thescheme had a specific HPF deposit account with a designated bank. This approach was adopted in Shanghai and its neighboring cities in Jiangsu Province. The China Construction Bank is the designated bank in Shanghai and the Shanghai Provident Fund Management Cen-tre is only responsible for supervising the financial management of the bank.In the second approach, the Management Centre collects funds and provides manage-ment and financial supervision over the use of the fund, including the storage and retrieval of individual records. The Management Centers also had the responsibility to ensure that HPF was used for specified purposes. Hence banks were only responsible for issuing loans to em-ployees. Smaller cities like Wenzhou and Guilin had adopted this approach.It can therefore be seen that the first approach requires the banks to participate in the scheme, thereby reducing the financial management burden on the government. Moreover in practice the Management Centre is required to keep the fund records for work units and indi-viduals and this creates overlap with the work of the banks. In the second approach, the rela-tionship between the banks and the Centre was relatively simple. Since the Management Cen-tre kept all the records, it possessed the ability to directly manage and control HPF. The rela-tionship between the Housing Committee and the Management Centre was often not clearly defined and in some cities, the Centre was under the control of the Housing Committee or Housing Reform Leading Group (a different name of the Housing Committee in some cities). In Shanghai the Management Centre was under the Shanghai Housing Committee, whereas in Beijing the Management Centre was under the Beijing Housing Reform Leading Group. In some cities, the Management Centre formed an integral part of the Housing Authority, which was often ambiguous and confusing, especially with regard to relationships and the distribu-tion of power.Unfortunately there was no evidence to determine which approach should be adopted, however most local governments had selected the first approach to implement their HPF Schemes. In an attempt to facilitate and standardise the administration, the State Council Housing Reform Leading Group (State Council Housing Reform Leading Group Office and China Urban Housing Reform Institute, 1996) suggested that local governments should adopt computer network systems and fund card network systems in managing the provident funds.The role of the HPF in housing supplyDiminishing role of the state in direct housing productionBefore housing reform, work units and government were responsible for the production of new housing units and the maintenance of the existing housing stock for all employees. Housing units in the form of staff dwellings represented the largest component of the housing stock in Shanghai and this had imposed an extremely heavy financial burden on local gov-ernments. In the initial stage of urban housing reform, the focus was on increasing housing production by means of sharing the financial burden among the government, the work units and the individuals such as in the Comfortable Housing Program. The policy of allocation of staff dwellings continued to be implement during the 1990s and most of the funds, either from the State or generated by the workunits themselves were directly used for new housing production. New housing units were subsequently converted into staff dwellings and either allocated or sold to eligible work-ers. In 2000, staff dwellings constituted 86% of the total dwellings in Shanghai (Shanghai Statistical Year Book, 2001). It was apparent that although the role of the State in housing production had been diminishing, the work units continued to play a very significant role as the middle man between the producers of housing and the end users. Therefore the concept of housing provision by staff dwellings had remained unchanged despite the introduction the ur-ban housing policy reform in 1988. The major change was in the source of finance for hous-ing where the burden was shifted from the State Budget to the work units and the workers.In Shanghai, investment in residential housing remained as a significant component of the city’s total fixed asset investment. Since 1995 the total floor space of residential housing completed each year was more than 10 million m2. This figure demonstrated the success of the urban housing reform in increasing housing production to solve the city’s housing shortage. The significance of housing reform is not merely to release the heavy financial bur-den of SOEs, but also to reinvigorate China’s economy. In the annual working-report in 1999, Zhu Rongji reasserted that housing reform was to be one of the major tasks (industries) in pursuing economic growth in China. Investment in residential housing was RMB 425.9 mil-lion in 2000 representing 25.1% of the Total Fixed Asset Investment in Shanghai (Table 3). Fund for the continuous high level of housing production was largely due to the continuous growth of domestic loans and fund raising activities (Table 4). With the introduction of the urban housing reform, work units could no longer rely on the government for funding to con-struct quarters for their employees and therefore they were required to seek for alternative sources offinance. The Shanghai City Government initiated idea of HPF to ensure that a certain portion of the city’s revenue was channelled to become capital for new housing production and the maintenance of existing housing stock. In practice, the HPF played a very significant role in financing affordable housing production in Shanghai. According to Zhang’s study, ‘‘By the end of 1966, HPF raised RMB 11.4 billion in Shanghai and provided RMB 8.4 billion in loans to work units for housing construction and RMB 2 billion in mortgage loans to 46000 households for home purchase. One fourth of total social housing construction inShanghai was financed by HPF in 1996’’.While HPF was regarded as a continuous source of funding for housing production and consumption, the national Comfortable Housing Project provided the vital financial support to local governments in the production of housing for the ordinary families in China. The‘‘Implementation Plan for National Comfortable Housing Project’’announced by the State Council in the Ninth Five-year Plan (1995–2000) was first implemented in Shanghai in the form of the Comfortable Housing Project (the Project). The Project was intended to pro-vide low-cost housing for the ‘‘households with housing difficulties’’whose living area is less than 4m2 per person. The Project aimed at providing Comfortable Housing for 74 600 households by year 2000.To do so, a total of 3 million m2 of Comfortable Housing needed to be built. (Shanghai Municipal Statistics Bureau, 1995–2002, Shanghai Economy Year Book, 1996). Obviously the implementation of such massive housing program required huge fund. It would be a huge financial burden to the Government if the Project was solely financed by her. Fund raised at the local level, in particular the HPF and loans from banks played a significant role in financ-ing the Project. In 1995 Central Government allocated a housing loan of RMB 300 million to Shanghai while the local government contributed a further RMB 450 million to implement the Comfortable Housing Project. The Construction Bank’s Shanghai Branch provided a housing loan of RMB 750 million and the HPF Scheme contributed a RMB 433 million loan to sup-port the Project. The remaining funding for the project was from the housing offices and the work units themselves. The Project managed to produce 550 000m2 of comfortable housing for more than 13 000 householdswhose average living space were below 4m2 per person. Loans from the State reached RMB 300 million in 1996 with another RMB 450 million loans raised locally. The Project completed a total of 620 000m2 of Comfortable Housing by the end of 1996 assisted 30 200 households with housing difficulties to participate in home purchase (Shanghai Economy Year Book, 1996; Yearbook of Shanghai Housing Development Bureau, 1995–1996). In 1997 Zhu Rongji, in the national housing reform meeting, suggested that the HPF Scheme should col-laborate with the Comfortable Housing Project as a core element of housing reform. The HPF Scheme could accumulate capital for housing construction from the work units and employees and would be an auxiliary means to provide housing units to the households as a short-team measure. In 1997 the Shanghai HPF Scheme provided a total of RMB 871 million loans to finance the Comfortable Housing Project.As a consequence, completed floor space under the Project in 1997 reached 710 000m2 (Shanghai Economy Year Book, 1998).The Comfortable Housing Project followed the principle that the three parties i.e. the State, the work units and the individual should share the responsibility to solve the housing problems. Hence, under the Project, Central Government only provided loans as an initial source of financial assistance. Work units then had to raise capital to construct comfortable housing (lowcost housing) and individuals would then purchase housing units with loans from the provident fund and the banks. The success of the Comfortable Housing Project was sup-ported by the rapid development of the HPF in Shanghai.After years of housing reform, the Chinese Government considered promoting home ownership by individual families as a long-term strategy, which could revitalise the local real estate sector and fostered economic growth in the long term. Initially, the strategy adopted by the Chinese Government in housing reform was mainly concentrated on the production side aimed at producing low-cost housing for the poor.The Comfortable Housing Project was a typical example. In line with this strategy, the HPF in Shanghai played a significant role in financing comfortable housing production. In practice, the Shanghai Housing Provident Fund Management Centre acted as a developer and directly involved in affordable housing devel-opment. By the end of 1990s, the use of HPF in Shanghai had been shifted from the produc-tion side to the demand side. Providing low interest housing loan to subscribers became the major task of the HPF. Policy measures were formulated to stimulate housing demand. For instances, the repayment period of housing loan was extended from 15 to 20 years, and the down payment amount was reduced from 30% to 20% of the value of the property. The HPF also worked closely with major banks in Shanghai in providing ‘‘composite housing loans’’to home buyers. There was also a rapid increase in individual home buyers since the mid-1990s.住房公积金的资金在中国住房发展中起到的作用罗德尼豪斯摘要由于改革开放政策，中国的经济一直在快速增长，伴随着我国经济成就，在中国主要城市的住房问题上仍然一直都没有解决。
住房公积金英文版
Chapter Three Payment and DepositArticle 15 A newly-established unit shall undertake the registration of payment and deposit of housing provident fund at the managing center of housing provident fund within 30 days of its establishment, and shall , on the basis of the verification documents of the managing center of housing provident fund, undergo the procedure of opening the accounts of housing provident fund for its workers and staff at the commissioned bank within 20 days of the registration. Each worker and staff shall only have one account of housing provident fund.Article 16 the payment and deposit ratio of housing provident fund is the average monthly salary in last year timing of the worker or staff .A new worker or staff shall begin to pay and deposit the housing provident fund from the second month after his or her beginning of work, the monthly amount of payment and deposit equals to the product of his or her salary in this month timing the payment and deposit ratio of housing provident fund of the worker or staff.Article 18 The payment and deposit ratio of housing provident fund of a worker and staff as well as a unit shall not be less than 5% of the monthly average salary in the last year; and shall not be more than20% of the monthly average salary in the last year;The payment and deposit ratio of housing provident fund of a worker and staff can be decided independently by unit . Each unit shall only have one the payment and deposit ratio of housing provident fund.Article 19 The monthly amount of housing provident fund paid and deposited by a worker or staff equals to the product of his or her monthly salary timing the payment and deposit ratio of housing provident fund of the worker or staff.Article 20The payment and deposit ratio of housing provident fund of a worker and staff shall be adjusted by the unit once each year. The payment and deposit ratio of housing provident fund of a worker and staff shall be adjusted by the unit once each year. Acorrding to the circumstance of staff salary and in accordance with the regulations of the housingfund center.Article 21 The housing provident fund to be paid and deposited by a worker or staff shall be withheld monthly fromhis or her salary by the unit to which he belongs. A unit shall timely pay and deposit housing provident fund in full amount, and shall not pay and deposit it after the expiration of the time period or pay it not in full amount. Unit shouldhire a designated person that is in charge of it.In the labour contract that signed by the employer and the employee, the employee’s obligation of paying housing fund for the employee shall be clearly stated.。
英文翻译
The Establishment and Operation of China’s Enterprise Annuity SystemEnterprise annuity (originally called as enterprise supplementary old-age insurance), refers to the pension scheme established by enterprises in line with its economic power and financial status and guided by state policies, which is supplementary to government compulsory public pension or state pension with an aim to providing some retirement income security enterprise employees. Enterprise annuity fund is enterprise supplementary old-age insurance fund formed with capital raised for enterprise annuity plan and its investment and operation yields. Nowadays China’s old-age insurance system is composed of social pooling pension, individual account pension, enterprise annuity and commercial life insurance, among other things, enterprise annuity constitutes an important component of the multi-layered old-age insurance system.I. Establishment of enterprise annuity system frameworkIn countries with modern social security system in place enterprise annuity or occupational annuity has emerged as a common enterprise welfare program, which is also called “enterprise pension plan” or “occupational pension plan”, and has become an integral part of the state old-age security system. In the early 1990s China started to establish its enterprise annuity system. In 1991 it was pointed out in the Decision Concerning the Reform to Enterprise Employee Old-age Insurance System by the State Council that with economic development China should gradually set up a system integrating basic old-age insurance with enterprise supplementary old-age insurance and employee individual endowment insurance. In 2000 the State Council made it clear that qualified enterprises could establish enterprise annuity for their employees and make its operation and management marketwise. Enterprise annuity takes the form of whole fund accumulation, and it is managed through individual account with fees paid by enterprises and employees themselves. The part within the 4% of the wage aggregate to be contributed by enterprises could be itemed and drawn from the cost; Liaoning Province was identified as the pilot region. Afterwards Shanghai and some other places also came up with tax preferential policies for enterprise annuity. To implement the decision of the State Council in real earnest the Ministry of Labor and Social Security formulated “Trial Method for Enterprise Annuity” and “Provisional Method for Accrediting Enterprise Annuity Management Agencies”, promulgated “Trial Method for Enterprise Annuity Fund Management” along with China Banking Regulatory Commission, China Security Regulatory Commission andChina Insurance Regulatory Commission. The decision made by the State Council and the three regulations formulated by Ministries have laid out the basic groundwork for enterprise annuity system. This regulatory system demonstrates the principle of state policy support, establishment by enterprises on their initiative, marketed management and operation, and supervision by the government. In 2005 in the Decision on Improving Enterprise Employee Basic Old-age Insurance System by the State Council it was further clarified that to establish a multi-layered old-age insurance system, enhance the competitiveness of enterprises human resource, and ensure life of enterprise employees after retirement, enterprises meeting specific requirements could set up enterprise annuity for their employees.“Trial Method for Enterprise Annuity” (hereinafter abbreviated as “Enterprise Annuity Method”) provides for the way to set up enterprise annuity and its main principle and content includes six aspects: first, it stipulates the conditions for establishing enterprise annuity. To institute enterprise annuity scheme the enterprise must first and foremost enroll in basic old-age insurance and honor its contribution duty in line with specific rules. In the meantime it should be up to certain economic standards and have sound democratic management basis. Second, it should have a well-defined scheme model. Enterprise annuity takes the approach of management through individual account and adopts the defined contribution (DC) mode. The future benefits of the enrollees rely on the amount of their contributions and the investment and operation yields. Third, it should have identified applicable scope. In terms of the benefits one could enjoy, no doubt, appropriate distinction should be made with factors like contribution and experience taken into account so that benefits could serve as an incentive. Fourth, it should have identified finance source. Enterprise annuity should be contributed by both enterprises and employees, their contribution proportion could be different, but the financing burden should not be borne by any single party. Fifth, it should have a well-defined way to draw benefits. Annuity benefits could be withdrawn one-time or on a regular basis in different individual scenarios. Sixth, the procedure of establishing enterprise annuity should be defined. Democracy should be advocated in establishing enterprise annuity, collective negotiation on a broad basis should be conducted to have the voice of vast employees heard; it is necessary to work out enterprise annuity plan with clear rules on items like fund raising and management method, benefits qualification requirements and formulae, organization, management and supervision; the enterprise annuity plan should be submitted to the Ministry of Labor and Social Security for documentation.“Trial Method for Enterprise Annuity Fund Management” (herein after abbreviated as “Fund Management Method”) lays out regulations on the managementand supervision over enterprise annuity fund, its main principle and content touches on the following five respects: first, the trust model should be set up. It is made clear that enterprise annuity fund assets are a kind of trust property independent from the self-owned assets and other assets of enterprises and management agencies, and provide system guarantee for protecting the interests of enrollees. Second, operation method should be defined. It provides that enterprise annuity fund should beco-managed by trustee, account manager, custodian and investment manager with different agencies shouldering their respective responsibility and restraining each other so that the safety of the enterprise annuity fund property could be guaranteed to a maximum. Third, investment policy should be spelled out. It should lay out that enterprise annuity fund could participate in the investment and operation in capital market, identify investment channels and control over proportion of different products. Fourth, a supervision system should be put in place. With the marketed management and operation of enterprise annuity, government should strengthen market oversight, the Ministry of Labor and Social Security is responsible for supervising the enterprise annuity business managed by agencies, industrial supervision departments should regulated the operation of those agencies, a coordinated supervision mechanism should be established by all sides to safeguard market order. Fifth, an exit mechanism should be identified. Accredited management agencies should operate in compliance with the rules and honor their responsibility in real earnest. If they no longer qualify, their accreditation should be suspended. If the agency commits material breach of regulations, it would be disqualified.“Provisional Method for Accrediting Enterprise Annuity Management Agencies” mainly covers three aspects: first, accreditation in accordance with laws. Based on the provisions in Administrative License Law, the accreditation of enterprise annuity fund management is an administrative license and should be carried out following legal procedure; agencies unaccredited cannot engage in the enterprise annuity business. Second, accreditation principle. The principle of transparency, fairness and justice is adhered to in the accreditation of enterprise annuity fund management, the information that is not confidential should be disclosed to the public, participants should be kept informed, and supervision from all sides is welcome. Third, review mechanism. On the basis of volunteer enlisting, review experts will be chosen from different sectors to form expert review committee. Then the committee will examine the qualification of applied agencies and vote for candidates as management agencies. Afterwards along with the China Banking Regulatory Commission, China Security Regulatory Commission and China Insurance Regulatory Commission the Ministry of Labor and Social Security will double check and grant accreditation.Meanwhile corresponding policies have been improved on a constant basis. After the promulgation and implementation of “Trial Method for Enterprise Annuity” and “Trial Method for Enterprise Annuity Fund Management”, China has formulated a dozen of corresponding methods; the Ministry of Labor and Social Security has worked out the procedure of enterprise annuity fund management, code of conduct for enterprise annuity account management information system, rules of expert review for the accreditation of enterprise annuity fund management agencies, circular on issues concerning enterprise annuity plan and fund management contract documentation; and has identified issues like the technical standard, operation rules and work procedure of enterprise annuity fund management. Along with China Security Regulatory Commission, the Ministry of Labor and Social Security put forward the circular on issues concerning enterprise annuity fund security investment; along with Pe ople’s Bank of China it came up with the circular on issues concerning enterprise annuity fund banking account management and circular on issues concerning the entry of enterprise annuity fund into the national inter-bank bond market, providing guidance for enterprise annuity fund bank account management, investment and transactions in security market and inter-bank market, capital settlement and collection, etc., expanding investment channels for enterprise annuity, and guaranteeing the independence of enterprise annuity fund property and the safety of bank trust account. The Ministry of Finance has formulated regulations on enterprise annuity fund accounting, general rules on enterprise finance, finance rules on financial enterprises, and circular on issues concerning the trial implementation of enterprise annuity system by state-owned financial enterprises; identified enterprise annuity fund as the accounting entity; standardized the verification of enterprise annuity fund and the financial tables briefing; made clear the financial channels for enterprise annuity budget and outlay, accounting method and policies concerning the establishment of enterprise annuity by financial enterprises. The State-owned Assets Supervision and Administration Commission issued guiding opinion on the implementation of enterprise annuity system for trial by central enterprises, and reinforced guidance over enterprise annuity work. The All China Workers’ Federation issued the circular on giving full scope to the role of trade unions in establishing enterprise annuity system, emphasized the role of enterprises as an organizer, and actively promotes the setup of enterprise annuity.II. Features of enterprise annuity and business reportThe employing unit with enterprise annuity plan in place should qualify for three basic conditions: first, the unit participates in the basic old-age insurance incompliance with laws and pay contribution in full and on time; second, the enterprise has a sound management structure and full-fledged democratic regulation system; third, enterprise operation is comparatively stable with sound financial status.i. About the features of enterprise annuityBased on “Enterprise Annuity Method”, “Fund Management Method” as well as relevant laws and regulations, the features of enterprise annuity could be summed up as follows:First, enterprise annuity is a voluntary pension scheme. In China enterprise annuity “could be established on the prerequisite that the enterprise with certain financial capacity and collective negotiation mechanism in place participate in the basic old-age insurance in compliance with laws and pay due contribution”. Judging by this rule enterprise annuity in China should be established on a voluntary basis, which is different from the compulsory system in quite a few countries in Latin America and Australia.Second, annuity plan in the main takes the Defined Contribution (DC) mode. Enterprise annuity fund is sourced from enterprise contribution, employee contribution and y ields on investment and operation of enterprise annuity fund. “Enterprise annuity fund adopts complete accumulation and is managed through individual account.” Given this, the Defined Contribution plan presents the major mode for enterprise annuity in China.Third, annuity plan mainly takes the form of trust. According to Trust Law our enterprise annuity management capitalizes on the advantages of corporation type and trust type, adopts the way of inclusive contract product, blazes a holistic trail, and advances enterprise annuity on an innovative path.Fourth, the supervision over enterprise annuity is generally on an initiative basis. With the provisions on the responsibility of stakeholders in enterprise annuity in “Annuity Method” and “Annuity Fund Method”, the operation procedure of enterprise annuity fund management has been identified, and so have the scope and proportion of investment. From this perspective, the supervision is of voluntary nature.ii About tax preferential policies on enterprise annuitySince 2001 the enterprises covered in the pilot program for funding individual account in the three provinces in Northeast China could list 4% of their contribution into the cost. 20 plus provinces (municipalities and autonomous regions) have promulgated tax preferential policies on enterprise annuity, allowing part of unit contribution (ranging from 4% to 8%) to be included into the cost and withdrawn before taxation, which serves as a catalyst for the development of China’s enterprise annuity market.iii. About business statistics of enterprise annuityWith gradual standardization of enterprise annuity system, this market booms with growing momentum as evidenced by the following three aspects: first, the number of enterprises and that of individuals engaged in the market are continuously on the rise. By the end of 2006 more than 24,000 enterprises have set up enterprise annuity, and the people enrolled in the annuity system totals 9.64 million. Second, the fund scale expands rapidly. During 1991-2000 the national enterprise annuity was shy of 20 billion Yuan with average annual growth less than 2 billion Yuan; as of the end of 2005 the fund accumulated 68 billion Yuan with average annual growth less than 10 billion Yuan; by the end of 2006 the fund aggregated reached 91 billion Yuan, rising more than 20 billion Yuan over the previous year. By the end of 2007 a total of over 40 billion Yuan is managed and operated in the marketwise way. Third, rich revenue has been harvested. Since the fourth season in 2006 investment managers have invested the fund, and the yields for those three months stood at around 9.6%. According to preliminary estimate enterprise annuity achieved sound performance in 2007 with annualized yields rate around 40%.III. The operation framework and legal person of enterprise annuity fund managementThe enterprise with enterprise annuity in place should identify trustee for managing enterprise annuity. The trustee could be enterprise annuity board set up by the enterprise, or legal person trusted institution, which meet the national requirements and accredited for being trusted for enterprise annuity plan. The plan trustee, enterprise and employees establish trust relationship in light of the Trust Law, the trustee and enterprise shall conclude writ trust contract; the account manager, custodian, investment manager and trustee shall establish fiduciary relationship in accordance with Contract Law.i . About trusteeTrustee refers to the enterprise annuity board trusted to manage enterprise annuity fund or legal person trusted institution like pension management companies (hereafter referred to as legal person trusted institution). The enterprise annuity board comprises of enterprise representatives and employee representa tives, it manages the affairs related to the enterprise annuity and is not allowed to participate in business activities of any form. The persons on the board should act in good faith, has no record of material breach of law, and are forbidden to charge for any excuse.The legal person trusted institution should meet the following requirements: approved by state finance oversight bodies and registered within the territory of China; registered capital no less than 100 million yuan and holding net assets worth of at least 150 million yuan at any time; complete legal person governess structure; professionals with enterprise annuity fund practice qualification meeting the quorum; qualified operation space, safety facilities and other installments related to trusted management of enterprise annuity fund; full-fledged inter auditing oversight system and risk management system; no major offence within the recent three years; other conditions set by the state.The trustee should fulfill the following duties: choose, oversee and change account manager, investment manager and intermediary; work out enterprise annuity fund investment strategy; write enterprise annuity fund management and accounting report; supervise over enterprise annuity fund management in line with contract; charge fees from enterprise and employees following the contract and pay enterprise annuity benefits to annuitants; provide consultancy service to custodian and annuitants, and present enterprise annuity fund management report to custodian, annuitants and relevant supervisory bodies in a timely manner; keep the record relating to enterprise annuity fund management for at least 15 years; other duties set by the state and the contract.ii .About custodianCustodian refers to the commercial bank or specialized agency entrusted by trustee enterprise annuity fund. The custodian of any enterprise annuity would be a commercial bank or specialized agency.A custodian should meet the following conditions: independent legal person approve d by state financial supervisory department and registered within China’s territory; net assets no less than 5 billion yuan; professionals with enterprise annuity fund practice qualification meeting the quorum; qualified for securing enterprise annuity fund property; safe and efficient settlem ent and delivery system; qualified operation space, safety preventive facilities and other installments related to trusted management of enterprise annuity fund; full-fledged inter auditing oversight system and risk management system; other conditions set by the state.If the custodian is a commercial bank, specialized fund trust department should be set up. Custodian should honor the following mandates: secure enterprise annuity fund property; establish capital account and security account for the fund property in the name of enterprise annuity fund; establish separate accounts for different enterprise annuity fund properties it was entrusted to ensure the integrity and independence of the fund property; allocate enterprise annuity fund property toinvestment manager as ordered by trustee; deal with settlement and transaction timely as ordered by investment manager; responsible for the auditing and evaluation of enterprise annuity fund account, recheck and examine the net fund property figured out by investment manager; check against relevant data with account manager and investment manager in a timely manner, oversee the investment operation of investment manager in light of certain rules; submit enterprise annuity fund trust report to certain supervisory department; keep the record of business activities, account book, table and other relevant materials for at least 15 years in accordance with national rules; other obligations set by the state and contract.iii .About account managerAccount manager refers to the specialized agency entrusted by the trustee to manage enterprise annuity fund account.Account manager should meet the following conditions: independent legal person approved by relevant state department and regi stered within China’s territory; registered capital no less than 50 million yuan; complete legal person governess structure; professionals with enterprise annuity fund practice qualification meeting the quorum; corresponding enterprise annuity fund account information management system; qualified operation space, safety facilities and other installments related to trusted management of enterprise annuity fund; full-fledged inter auditing oversight system and risk management system; other conditions set by the state.Account manager should fulfill the following duties: set up the enterprise account and individual account for enterprise annuity fund; record the contribution of enterprise and employee and the investment yields of enterprise annuity fund; check against contribution data and changes in enterprise annuity fund account with custodian timely; calculate enterprise annuity benefit; provide consultancy service about information of enterprise account and individual account for enterprise annuity fund; submit management report on enterprise annuity fund account to trustee and relevant supervisory bodies regularly; keep the record of enterprise annuity fund account management files for at least 15 years in accordance with national rules; other obligations set by the state and contract.iv. About investment managerInvestment manager refers to the specialized agency entrusted by trustee to invest and manage enterprise annuity fund property.Investment manager should meet the following conditions: independent legal person qualified for entrusted investment management, fund management or assets management, approved by state financial supervisory department and registered within China’s territory; registered capital no less than 1 billion Yuan and holding netassets worth of at least 1 billion Yuan at any time for comprehensive security corporation; registered capital no less than 10 million Yuan and holding net assets worth of at least 10 million Yuan at any time for fund management corporation, trust investment corporation; insurance assets management corporation or other specialized investm ent agencies; complete legal person governess structure; professionals with enterprise annuity fund practice qualification meeting the quorum; qualified operation space, safety facilities and other installments related to trusted management of enterprise annuity fund; full-fledged inter auditing oversight system and risk management system; no major offence within the recent three years; other conditions set by the state.Investment manager should fulfill the following duties: make investment with enterprise annuity fund property; check against the auditing and evaluation result of enterprise annuity fund accounting with custodian timely; establish reserves against risks in enterprise annuity fund investment management; submit investment management report trustee and relevant supervisory bodies regularly; keep the record of enterprise annuity fund accounting certificate, accounting book, annual financial statement and investment files for at least 15 years in accordance with national rules; other obligations set by the state and contract.v .About accreditation of management agenciesCurrently, as an item for administrative license, enterprise annuity fund management agency is chosen among existing financial agencies in light of set rules. Expert review mechanism is put in place. The first thing is to pick up and hire review expert. It is started with notice given to relevant ministries, associations and society to ask them to recommend review expert. Based on the enrolment after consultation with relevant parties the final candidates would be picked up according to certain quota. After soliciting public opinions the result would be made public officially and the letter of appointment would be given to the expert with a term of two years. The second thing is to deal with agency applic ation. The notice for agency application would be made public officially, the review number would be disclosed, the principle, specific issues, time and place, etc. about qualification application would be identified, and financial agencies should have enough time preparing application materials before they are handled altogether. The third thing is to organize experts for examination. Different experts group would be organized for applications for trustee, account manager, custodian and investment manager respectively. Every expert group would be composed of 11 persons, overall comment would be produced to applied agency according to assessment rules and rating standard, vote by open ballot would be held after rating is given, the agency with the majority wins. If over twoagencies get the same number of votes for one position, a second round of debate and voting would be conducted. When the result of the review is clear, with the consent of CBRC, CSRC and CIRC, the Ministry of Lab our and Social Security would give official accreditation, make public and grant certification license. In August 2005 37 enterprise annuity fund management certificates have been verified, building on which 24 more get accredited in November 2007. Together 11 trustees, 16 account managers, 10 custodians and 21 investment managers have been produced from the two batches.IV. The investment scope and management fees for enterprise annuity fundI .About investment scope and proportionThe investment scope of enterprise annuity fund property is limited to bank deposits, national bonds and financial products with sound liquidity includingshort-term bonds repurchase financial debt and enterprise debt with credit rating above the investment level, convertible debt, investment insurance products, security investment fund, stocks, etc.The investment of enterprise annuity fund property should abide by the following rules calculated in market price terms:1.The proportion of liquidate products such as investment bank current deposits,ce ntral bank note and short-term bonds repurchase s well as capital market fund is no less than 20% of the fund net assets.2.The proportion of products with fixed yields like investment bank current deposits, negotiated deposits, national bond, financial debt, enterprise debt as well as convertible debt and loan fund should be no more than 50% of the fund net assets. Among other things, the proportion of national bonds investment should be no less than link. The proportion of investment in equity products like stocks and investment in insurance products and stock fund should be no more thanBased on the changes in financial market and the performance of investment, along with the China Banking Regulatory Commission, China Security Regulatory Commission and China Insurance Regulatory Commission the Ministry of Labour and Social Security would make timely adjustment to enterprise annuity fund investment and management agency, investment products and proportion.The property of the enterprise annuity fund managed by any single investment manager, security issued for investing into one enterprise or any single security investment fund should not surpass 5% of the security issued by the enterprise or the。
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本科毕业论文外文翻译外文译文题目（中文）：住房公积金的资金在中国住房发展中起到的作用学院: 文法与经济学院专业: 劳动与社会保障学号: 201006113002学生姓名: 李根林指导教师: 董登新日期: 二○一四年六月The role of the housing provident fund in financing affordablehousing development in ChinaRodney HowesPEF, 2 (3): 247–251, 2003.f 2003 Cambridge UniversityPress247DOI: 10.1017/S1474747203001343 Printed in the Hong KongPolytechnic University住房公积金的资金在中国住房发展中起到的作用罗德尼豪斯PEF，2（3）： 247–251，2003年 f 2003 剑桥大学出版社DOI： 10.1018/S9764747203001343 由香港理工大学出版摘要由于改革开放政策，中国的经济一直在快速增长，伴随着我国经济成就，在中国主要城市的住房问题上仍然一直都没有解决。
根据1949年以来的传统的计划经济，所有的住房生产是国家的责任。
由于缺乏资金，新建住房的生产一直没能跟上日益增加的城市人口。
在1988年推出了城市住房制度改革提出了通过私人住房市场发展经济适用住房为普通家庭的策略。
然而，这样一种战略的实施遇到了一些障碍，包括缺乏二手房市场的，未开发的房地产界，不明确的土地和财产的立法和缺乏适当的物业管理支持。
在一片这些障碍，缺乏住房金融似乎是在问题的核心。
为了生成用于住房发展资金，中国政府在上海于1991年推出了住房公积金（ HPF）计划，在这项政策里，要求所有员工和雇主向HPF计划贡献自己的工资的一定比例。
对于职工个人账户分别设立在中国建设银行。
今天的工人被允许提取其HPF积蓄，当他们退休时，或者他们可以使用自己的HPF积蓄购买房屋在私人楼宇市场，或从康居工程。
虽然在计划的运作有一些变化，但 HPF现在大部分城市在中国实施。
在上海通过使用HPF计划进行了实证研究，本文回顾了HPF在中国的融资保障性住房发展的作用。
关键词：住房公积金；住房融资；住房政策；上海；中国1．引言住房制度改革已经成为80年代中期中国城市整体经济改革的重要组成部分。
自1949年以来，中国作为一个社会主义国家，采取了福利分房制度，生产，分配和维修住房一直是相关单位的责任。
不像一个单纯的雇主，工作单位提供的福利的几乎所有方面，包括住房，医疗和教育。
这种情况下在80年代中期发生了变化时，住房制度改革在中国各大城市展开。
早在上世纪70年代末，中国决定在社会主义计划经济内通过促进市场机制选择经济改革。
经济改革进展顺利，并逐步扩大到其他非生产部门。
到了80年代中期，国有企业/单位开始摆脱他们的福利责任，并专注于生产活动。
这一发展的一个关键部分是具有改变住房提供就业福利相关的经济改革。
中国的工资仍然非常低，因为政府和工作单位提供大量补贴和社会福利给员工。
需要经济改革时，这些补贴和福利可能被逐步取消。
1998年，中国国务院总理朱镕基提出，住房市场将在中国经济改革中成为一个先行者部门。
随着工资结构的改革,人们会提供更好的薪酬,以换取照顾自己的住房需求。
在上海年人均实际收入在整个20世纪90年代有500％上升。
最高收入者会在同一时期上升700％。
人们的期望是，工人的收入水平普遍提高，政府帮助他们购买，而不是依赖于工作单位的员工宿舍自己的单位。
这些改革的结果改变了住房从一种社会福利到一个私人商品。
国家自1988年，向市场颁布了一系列旨在为提供住房责任的房改政策，通过出售国有企业拥有的住房单位的工作单位，各种计划得以进行实施。
然而，回答却没有如预期没有那么好。
关键的原因是因为承受能力的城市居民和商品住房.在公平性分配中的不匹配，住房单位仍然由国有企业进行，这让房改更多的分配给工人难以实施。
经过多年的零零碎碎的城市住房制度改革，中国政府通过了一项总的政策方向，城镇住房制度改革，需要的责任移交给国家到市场来房屋提供。
在1990年代后期的主要重点是转向到购房者提供财政援助的运作水平。
与先前在新加坡通过了住房公积金（ HPF ）计划相关联的原则，中国政府认为新加坡住房公积金这种政策适用于中国国情。
2．在中国城市中的HPF计划1991年初，上海市委市政府建立了自己的HPF计划，并随后推出了房改政策，1991年5月在房屋改革方案的提出五个关键政策措施：（一）实施HPF计划;（二）提高租金和工资补贴;（三）那些谁分配住房的人被要求购买住房债券;（四）承租人有折扣购买国有住房;（五）建立住房委员会。
HPF将被采纳为上海整体住房制度改革的核心组件，它提供了一个基本的和长期的手段，以满足工人的住房需求没有国家补贴。
根据上海公积金管理中心，要达成引入HPF的三个主要目标：（一）促进住房从福利到商品化的转化;（二）财务支持，以增加住房的生产，并满足居住条件差这些家庭的的住房需求;（三）建立住房制度，国家，单位和个人将联合起来，以供房屋发展提供资金。
上海是中国第一个实行将HPF作为金融工具的城市，住房制度改革，其中包括一种强制储蓄员工的一种形式。
它把在上海所有雇主和雇员按照要求按月到员工工资账户，在HPF贡献的员工的百分比。
最初的百分比定为5％，其后上升至7％，1999年，本计划的积蓄都存放在由上海住房公积金管理中心和使用基金仅限于提供贷款给企业，用于建屋指定银行;提供贷款直接向工人从私人房屋市场购买自己的房屋;并向企业或大型房屋维修工程的个别住户提供融资。
自1991年实施，HPF计划在上海已被普遍视为成功，它提供了一个榜样，其他城市很快效仿采用类似HPF方案。
在上海HPF计划延续到20世纪90年代迅速发展。
到2002年底，住房公积金计划在上海累计总金额为人民币57.773十亿。
在2002年，上海HPF累计人民币10.942十亿，比2001年高出17.7％。
3．HPF计划的管理在上海HPF计划旨在成为永久性的政策，因此至关重要的是，该基金计划的足够和适当的管理必须很到位，在HPF计划的管理和运作中遵循了三项准则：(1) 个人储蓄辅之以工作单位补贴;(2) 在一个单一的机构管理;(3) 仅用于指定的房屋用途。
该准则规定，无论是从国有企业和民营/合资企业雇主与雇员建立并有助于HPF。
预计非国有企业将迅速增加，当中国成为世界贸易组织（WTO）的成员，从而允许外国投资者在中国经营自己的企业。
因此，住房公积金政策将成为融资的住房生产和消费为国有和非国有工人的重要来源。
HPF的操作基本上有三个组成部分：（1）房屋委员会负责住宅在城市规划。
（2）公积金管理中心负责基金的运作和管理的机构，根据职责不同的方法会有所不同。
（3）指定专用银行资金是存放在由公积金管理中心选定一家银行中。
中国的人民银行负责对适用于HPF利率的决定，同时施工和财政部部负责监督该计划的战略和国家层面。
在地方一级，房屋委员会决定政策与管理中心和协会指定银行负责对HPF的日常运作。
在实践中，并非所有的省市遵循的上海模式，因此，它们制定了自己的管理实践。
一般而言但基本上在中国为HPF的管理采取了两种管理方法。
在第一种方法中，管理中心委托一家或多家银行收集并管理该基金。
房屋委员会将设立专门账户在选定银行将负责基金征收的基金管理中心的监督下的流动和跟踪。
房屋委员会有至高无上的权利，决定与计划有关的事宜。
在另一方面，银行负责办理存款，贷款和审计以及财务管理。
根据该计划每名雇员都与指定银行的特定HPF 存款账户。
这种做法在上海及其周边城市的江苏省获得通过。
中国建设银行是在上海的指定银行和上海公积金管理中心只负责监督银行的财务管理。
在第二种方法中，管理中心筹集资金，并提供管理和财务监督使用资金，包括单个记录的存储和检索。
管理中心也有责任确保HPF用于指定用途。
因此，银行只负责贷款发放给员工。
在较小的城市中，如温州、桂林已经采用了这种方法。
因此，可以看出，第一种方法需要银行参与这项计划，从而减轻政府的财政管理负担。
而且在实践中，管理中心必须保持基金记录的单位和个人，这将创建银行的工作重叠。
在第二种方法中，银行和中心之间的关系是相对简单的。
由于管理中心保留所有的记录，它具有直接管理和控制HPF的能力。
房屋事务委员会和管理中心之间的关系往往没有明确界定，在一些城市，该中心是房屋委员会或房改领导小组（房屋事务委员会在一些城市的一个不同的名称）的控制下。
在上海的管理中心是上海房屋委员会辖下，而在北京管理中心是北京市住房制度改革领导小组。
在一些城市中，管理中心成立房屋委员会的一个组成部分，它往往是含糊不清和混乱，尤其在关系和权力分配中。
AbstractSince the adoption of the open door policy, the economy of China has been growing ra-pidly. Along with economic achievement, housing problems in major cities in China have re-mained largely unsolved. Under the traditional planned economy since 1949, all housing pro-duction was the responsibility of the State. Due to the lack of finance, new housing production has not been able to keep up with the increasing urban population.Urban housing reform introduced in 1988 proposed a strategy of developing affordable housing for the ordinary households through the private housing market. However the imple-mentation of such a strategy has encountered a number of obstacles including the lack of a second hand housing market,an undeveloped real estate profession, unclear land and property legislation and an absence of proper property management support. Amid these obstacles, the lack of housing finance would appear to be at the core of the problem. In order to generate funding for housing development, the Chinese Government introduced the Housing Provident Fund (HPF) Scheme in Shanghai in 1991. Under the HPF, all employees were required to contribute a proportion of their salaries to HPF and employers contributed a similar amount. Accounts for individual workers were set up in the Construction Bank of China. Today work-ers are allowed to withdraw their HPF savings when they retire, alternatively they can use their HPF savings to purchase homes in the private housing market, or from the Comfortable Housing Projects. HPF is now implemented in most cities in China, although there are some variations in the operation of Scheme. By using an empirical study of the HPF Scheme in Shanghai, this paper reviews the role of the HPF in financing affordable housing development in China.Keywords: Housing provident fund; Housing finance; Housing policy; Shanghai;China1．IntroductionHousing reform has been a crucial component of the overall economic reforms in urban China from the mid-1980s. Since 1949, China as a socialist country, has adopted a welfare housing system where the production, allocation and maintenance of housing has been the responsibility of the relevant work unit . Unlike a mere employer, the work unit provided al-most all aspects of welfare including housing, medical care and education. This scenario has changed in the mid-1980s when housing reform was initiated in major Chinese cities. As early as the late 1970s,China decided to opt for economic reform by promoting market mechanisms within its socialist planned economy. The economic reform progressed well and gradually expanded to other no production sectors. By the mid-1980s, state enterprises/work units began to shed their welfare responsibilities and concentrate on production activities. A crucial part of this development was economic reform associated with the removal of housing provision as employment welfare.Wages in China remained very low because the government and work units provided heavy subsidies and social welfare to their employees. Economic reform required that these subsidies and welfare could be gradually abolished. In 1998, Zhu Rongji, Premier of the Chi-nese State Council, proposed that the housing market would be a pioneer sector in the Chinese economy. Along with the reform of wage structures, people would be provided with better pay in exchange for taking care of their own housing needs. As shown in Table 1, the annual ac-tual income per capita in Shanghai increased throughout the 1990s by 500%. The highest in-come group experienced a 700% increase during the same period. The expectation was that the general increase in the income level of workers would help them to purchase their own flats, instead of relying on the work units for staff quarters. The outcome of these reforms changed housing from a kind of social welfare to a private commodity.A series of housing reform policies aimed at transferring the responsibility for housing provision from the State to the market have been proposed since 1988. Various plans were implemented to sell housing units owned by the state enterprises work units to ‘tenants’. However, responses were not as good as expected. The critical reason for this was because of a mismatch between affordability to urban dwellers and the price level of the commodity housing. In addition, housing units were still being allocated to the workers by state-owned enterprises(SOEs), which made housing reform more difficult to implement. After years of piecemeal urban housing reform, the Chinese Government adopted a general policy direction for urban housing reform that required the transfer of responsibility for housing provision from the State to the market. The main focus in the late 1990s was a shift to the operation lev-el of providing financial assistance to the homebuyers. The principles associated with aHousing Provident Fund (HPF) Scheme previously adopted in Singapore, were considered by the Chinese Government and deemed to be applicable to China.2．The HPF Scheme in urban ChinaIn early 1991, the Shanghai municipal government established its own HPF Scheme and subsequently introduced its housing reform policy in May, 1991. There were five key policy measures under the housing reform program:(a) Implement the HPF Scheme;(b) Increase rents and replace by wage subsidies;(c) Those who were allocated housing were required to purchase housing bonds;(d) Tenants can purchase state-owned housing at discount rates; and(e) Establish housing committees.The HPF was adopted as the core component of the overall housing reform in Shanghai and it provided a fundamental and long term means to meet the housing needs of the workers without State subsidy. According to the Shanghai Provident Fund Management Centre, there were three main objectives of introducing the HPF:(a) Provision of an effective means to promote the transformation of housing from wel-fare to commodity;(b) Financial support to increase housing production and to meet the housing need of those families in poor living conditions; and(c) The establishment of a housing system under which the State, work units and indi-viduals would join together to provide finance for housing development.Shanghai was the first Chinese city to implement the HPF Scheme as a financial tool for housing reform that included a form of compulsory saving by employees . All employers and employees in Shanghai were required to contribute a percentage of the employees’ salaries on a monthly basis to the’ employees’ account’’ in th e HPF. Initially the percentage was set at 5% and subsequently increased to 7% in 1999. The savings under this Scheme were deposited in banks designated by the Shanghai Housing Provident Management Centre and the use of the fund was restricted to provide loans to enterprises for housing production; provision of loans directly to workers to purchase their own flats from the private housing market; and the pro-vision of finance to enterprises or individual households for major housing repair works.Since its implementation in 1991, the HPF Scheme has generally been regarded as suc-cessful in Shanghai, and it has provided a role model for other cities that soon followed suit by adopting similar HPF schemes. The HPF scheme in Shanghai continued to develop rapidly during the 1990s. By the end of 2002, the total amount of HPF accumulated in Shanghai was RMB 57.773 billion. During the year of 2002, the Shanghai HPF accumulated RMB 10.942billion, which was 17.7% higher than 2001.3．Management of the HPFThe Shanghai HPF Scheme is intended to be permanent and it is therefore essential that adequate and proper management of the Fund Scheme is in place. The management and oper-ation of the HPF Scheme followed three guidelines:1. Individual savings complemented by work unit subsidy;2. Administration under a single authority;3. Used for specified housing purposes only.The guidelines require that both the employers and the employees from SOEs and pri-vate/joint venture companies set up and contribute to the HPF. It is expected that the non-state owned enterprises will increase rapidly when China becomes a member of the World Trade Organization (WTO) thus allowing foreign investors to run their own businesses in China. Hence the HPF will become an important source of finance for housing production and con-sumption for both the state-owned and non-state owned workers.There are basically three components in the operation of the HPF:1. Housing Committee The body responsible for the planning of residential housing in the city.2. Provident Fund Management Centre the body responsible for the operation and man-agement of the Fund. Responsibilities vary under different approaches.3. Designated BanksFunds are deposited in a bank selected by the Provident Fund Management Centre. The People’s Bank of China is responsible for the determination of interest rates applicable to HPF, while the Ministry of Construction and Ministry of Finance are responsible for overseeing the Scheme at strategic and national levels. At the local level, Housing Committees determine policies in association with Management Centers and designated banks are responsible for the daily operation of the HPF.In practice, not all cities and provinces followed the Shanghai model and as a conse-quence they developed their own management practices. In general there were basically two management approaches adopted in China for the management of the HPF. Under the first approach, the Management Centre commissioned one or more banks to collect and to manage the fund. The Housing Committee would set up special accounts in the selected bank(s) that would be responsible for fund collection and keeping track of the flow of the fund under the supervision of the Management Centre. The Housing Committee had the supreme right to de-cide matters related to the scheme. On the other hand, the banks were responsible for handling the deposits, lending and auditing as well as financial management. Every employee under the武汉科技大学本科毕业论文外文翻译scheme had a specific HPF deposit account with a designated bank. This approach was adopted in Shanghai and its neighboring cities in Jiangsu Province. The China Construction Bank is the designated bank in Shanghai and the Shanghai Provident Fund Management Cen-tre is only responsible for supervising the financial management of the bank.In the second approach, the Management Centre collects funds and provides manage-ment and financial supervision over the use of the fund, including the storage and retrieval of individual records. The Management Centers also had the responsibility to ensure that HPF was used for specified purposes. Hence banks were only responsible for issuing loans to em-ployees. Smaller cities like Wenzhou and Guilin had adopted this approach.It can therefore be seen that the first approach requires the banks to participate in the scheme, thereby reducing the financial management burden on the government. Moreover in practice the Management Centre is required to keep the fund records for work units and indi-viduals and this creates overlap with the work of the banks. In the second approach, the rela-tionship between the banks and the Centre was relatively simple. Since the Management Cen-tre kept all the records, it possessed the ability to directly manage and control HPF. The rela-tionship between the Housing Committee and the Management Centre was often not clearly defined and in some cities, the Centre was under the control of the Housing Committee or Housing Reform Leading Group (a different name of the Housing Committee in some cities). In Shanghai the Management Centre was under the Shanghai Housing Committee, whereas in Beijing the Management Centre was under the Beijing Housing Reform Leading Group. In some cities, the Management Centre formed an integral part of the Housing Authority, which was often ambiguous and confusing, especially with regard to relationships and the distribu-tion of power.5。