Government and economists have come to an agreement on expanding native demand . we should say that the result of these positive monetary and fiscal policy which has been adopted by our country government since 1998 is effective , and the market has recovered a little , but this does not mean the market is completely recovered from deflation , in fact , the overcast condition in market is not basically turn round and deflation still exists 诚然，自1998年以来我国政府为扩大内需、启动消费采取了一系列积极的货币政策和财政政策(三年期间七次下调银行利率，发行3600亿元国债等) ，应该说效果是明显的，市场有所复苏，但这并不意味着市场被完全激活，事实上，市场低迷的状况并未根本扭转，通货紧缩的趋势仍然存在。
With the social and economic development and changing , china ' s joining the wto in particular , the environment in which the insurance operating changes greatly . the fluctuation of interest rate , rise of loss ratio , development of capital market and competence of international insurance magnate , all of these make insurance investment necessary and important to china ' s insurance company . in facing the competition , insurance companies now attach a great importance to insurance investment strategy 我国保险业经过近20年的发展取得了长足的进步，保险公司积累了大量的可以运用的资金，随着我国经济环境的改变和保险业的对外开放尤其是我国加入世贸组织，保险业的经营环境发生了根本变化，我国保险赔付率的上升、银行利率的变化、资本市场的发展、国外保险巨头的竞争以及投保人要求的提高，使得保险基金投资对我国保险公司的生存和发展具有越来越重要的意义，良好的投资收益成为保险公司赢得竞争的最重要环节。
Then , the article researched the development and potential of life insurance in china . on the one hand , since the developing history of life insurance is very short , the economy in china will be stronger and stronger , more and more people will get into aged , life insurance market has immense potential . on the other hand , life insurance in china facing much more difficulties such as the consciousness of buying life insurance products is weak , the impact ing of inflation , the change of bank interest ing rate 文章首先研究了世界寿险业的发展现状及趋势，然后对我国的寿险业的发展现状及潜力进行了研究，我国的寿险业由于发展历史比较短，但是随着我国经济的发展壮大，人口的老龄化，市场经济体制改革的不断深入，寿险市场具有巨大的潜力；与此同时也面临着许多困难；人们的投保意识比较差，通货膨胀的影响，银行利率变动的影响等。
This thesis , taking fund operation as a study object , zeroes on economic situation resulting in the problems of fund operation in life insurance company such as falling interest rate , unripe financial market , irrational macro economic environment , lack of talents , oligopoly in life insurance industry and bad loan in history in life insurance company 长期以来寿险资金的主要运用途径之一是银行存款和国债，占总投资资金70左右，银行存款、国债都是利率敏感性产品。从1996开始我国银行利率已连续下调8次，一年期利率从10 . 98降到2002年的1 . 98 ，随着银行利率的下调，国债利率同步调整，致使寿险资金的利息收入和投资收益大减。
Secondly , the essay analyses the macroscopic and the microcosmic factors that affect opened - end fund . the macroscopic factors include economy cycle , governmental policy , bank rate and market validity ; the microcosmic factors include the managers " behavior and ability , investors " mentality and action 其次分析了影响开放式基金的宏观因素及微观因素，宏观因素包括：经济周期，政府政策，银行利率，及市场的有效性；微观因素包括经理人的行为及能力和投资者的心理因素及行为。
