More provinces mull entrusted pension investment: official
BEIJING -- Three provinces and one autonomous region are planning for entrusted pension investment to deal with mounting payment pressure, a social security official said Wednesday.
Gansu, Zhejiang and Jiangsu provinces as well as Tibet Autonomous Region are considering entrusting some of their pension funds, totaling 150 billion yuan ($23.05 billion), to the National Council for Social Security Fund (NCSSF) for professional investment, according to Tang Xiaoli, an official of the Ministry of Human Resources and Social Security.
China is facing increasing pension payment pressure due to the acceleration of economic restructuring and an aging population, requiring new ways to bolster the funds' value, Tang said.
Pension investment is a major way to preserve and increase fund value, and nine provinces have entrusted about 430 billion yuan to the NCSSF for professional investment.
China has about 4 trillion yuan in its pension fund balance, and more provinces should be encouraged to try entrusted investment, Tang said.
- Intl fishing competition attracts 1,200 athletes from 21 countries
- Across China: Climate change in China's arid northwest draws academic, public attention
- China Focus: Chinese scientists propose excess 40Ar in lunar soil possibly from Earth wind
- Chinese team achieves breakthrough in multiple drone flight against challenging winds
- China's fresh commitment hailed as major contribution to global climate action
- Chinese premier returns to Beijing after attending general debate of 80th session of UN General Assembly
