The big picture: how China's NSSF is taking the lessons of a 2021 slump to invest long

China’s National Social Security Fund (NSSF) - dubbed the first pillar pension system - is allocating more assets to external fund managers while adding focus to long-term investment, including new energy manufacturing, biotechnology, and capital goods. Analysts observed these trends after the country’s national pension fund reported a disappointing investment return of 4.27% in 2021, the worst among its global peers over the same period, according to its latest annual report. I…