Pension fund to opt for shares
Print Edition
CHINA is preparing to allow its multi-billion-dollar pension fund to invest in the stock market next year, an official said yesterday, in a move to boost share prices after a more than 30 percent plunge since June.
As part of a rescue package to back the market, China’s securities regulator said in July that the government was aiming to invest up to 30 percent of its pension fund in stocks.
“We will aim to carry out the plan in 2016,” human resources and social security ministry spokesman Li Zhong said in Beijing.
The fund, to which workers must contribute and which was previously only allowed to invest in treasury bonds and bank deposits, had 3.5 trillion yuan (US$551 billion) in net assets at the end of last year.
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