BEIJING —Local governments in China have entrusted more pension funds for investment asthe country faces the challenge of an aging population, a human resourceofficial said on July 23.
By the end ofJune, 14 provincial-level regions including Beijing and Shanghai had signedcontracts to entrust a total of 585 billionyuan($87billion) in pension funds to the National Council for Social Security Fund(NCSSF), according to LuAihong, spokesperson withthe Ministry of Human Resources and Social Security.
Of the total,371.65 billionyuanis already in place and has beeninvested, Lu told a news conference.
The ministry willcontinue to encourage more regions to put pension fund into investment and atthe same time strengthen risk management to secure long-term and stableinvestment return, he said.
As a significantpart of the pension reform, pension fund investment aims to tackle thechallenge of an aging society and facilitate a fair and sustainable pensionscheme.
Between Januaryand June this year, the revenue of China’s pension, unemployment andoccupational injury funds totaled 2.65 trillionyuan,up 19 percent year-on-year, while the total expenses stood at 2.15 trillionyuan, up 18 percent.
Source:https://appen.media.gov.cn/engovdata/goven/201807/23/423130/article.html