Fill in the blanks in the following passages with the words given below. Use each word once only, and change the word form where necessary.
agenda call deliberate pension relative short
The Standing Committee of the 14th National People's Congress, China's top legislature, is holding its 11th session in Beijing from Tuesday to Friday, and __1___ on a delayed statutory retirement age is on the ___2___. Since the central authorities confirmed for the first time in an important resolution issued in July that delayed retirement will be advanced on a "voluntary and flexible" basis, the narrative is no more about if, but when and how the statutory retirement age will be raised.
China has a serious aging population problem, a trend that is unlikely to be mitigated anytime soon. As the trend continues, the country may face labor __3___ and __4___ pressures in the future. That is why the central authorities plan to raise the retirement age. Compared with developed countries, China's statutory retirement age is __5___ low. In China, male employees and cadres retire at 60, female employees at 50 and female cadres at 55, while in most developed countries both men and women retire at 65. Some countries are still ___6___ for the retirement age to be raised. For example, the United States has adopted a plan to gradually raise the retirement age from the current 65 years. In Japan, the retirement age is generally between 65 and 70, and companies can set the retirement age at above 70 too.
（四）等待期（cool—off period）
等待期内还不能接受申购订单、也被禁止发布“发行公告（即“墓碑”）和初步招股书以外的”任何材料。但辛迪加成员和“销售人员”（sales people）可以凭着“初步招股书”以口头方式向潜在客户（通常是现有的机构投资者客户）征询“意向”（indications of interest）；意向对客户没有约束力，销售期开始后也不能自动转为订单。“征询意向”（circling the stock）时的气氛要轻松得多，销售人员与机构投资者人员一边打高尔夫球、—边呷着酒，闲聊着就搞定了。机构投资者可能说：“如果价格定在10块钱一股我就要15万股；要是15块，我只要10万股。”
但在这一阶段，初步招股书的封面上必须用红字声明：“本文件尚未最后定形”、“有待审查”之类的话，以引起投资者的注意。因此，初步招股书又称red herring（红鲱鱼，又译为“红字版”）。可以看出，此时的 red herring 是“提醒”之意（当然也是要将投资者的注意力从“钱眼”里引出来）。
（五）确定发行价（offering price/issuing price）
在等待期快结束时主承销召集所有的辛迪加成员代表开会，根据承销商和销售人员征得的意向状况分配各个承销商负责分销的份额。辛迪加成员通常采用实盘承诺（make a firm commitment）的方式，每一成员（根据征得意向的情况）答应分销（distribute）本次发行的一定比例，并对未售出部分负责。辛迪加成员为了能够完成任务，往往选择一家或多家经纪行，由其组建销售队伍协助分销。销售队伍的成员一般采用尽力代销的方式，对于未出售部分不承担任何责任。
承销折让一般分为以下几部分，各方分配的比例如下
（1）牵头费（Manager’s Fee）：主承销协商管理发行事宜的费用，10%～20%；
（2）承销费（Underwriting Fee）：辛迪加成员承担风险的补偿，20%～30%；
（3） 分销折让（Selling Concession）：辛迪加成员及销售队伍向投资者分销新股的报酬，50%～60%。
主承销商和发行公司最后根据路演反应、申购意向、公众态度等因素对此前报出的价格相应予以调高或调低，确定“公开发行价格”（public offering price，POP），即“发行价”。
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