Security fund's assets increase 10-fold
Source: Xinhua |
May 20, 2011, Friday
|
Print Edition
Print Edition
TOTAL assets of China's social security fund increased nearly tenfold over the past 10 years as the government strives to keep high investment returns amid the country's high inflation.
The fund's total assets rose to 856.69 billion yuan (US$131.7 billion) in 2010, up from 80.51 billion yuan in 2001, the National Council for Social Security Fund said yesterday.
This year, the fund has gained 32.12 billion yuan from equity investment with a yield of 4.23 percent, according to the council's annual report.
By the end of 2010, total equity investment returns stood at 277.26 billion yuan, a 9.17 percent annual yield over the past 10 years, 6.77 percentage points higher than the average inflation, the report said.
The council, which was launched in August 2000 to preserve and increase the value of the country's social security fund, was meant to solve the challenges of an aging population and serve as a coffer for future social security needs.
The council's Chairman Dai Xianglong expects the total assets of the fund to reach 1 trillion yuan by year-end and 1.5 trillion yuan by 2015 through sounder management.
The fund has four primary capital sources: stock rights allocated from state-owned shares; a public welfare fund; investment returns; and funds earmarked by the government, according to the report.
It also plans to raise money from channels such as the state capital management budget and the profits of state-owned enterprises during the country's 12th Five-Year Plan period from this year, the report said.
The fund's total assets rose to 856.69 billion yuan (US$131.7 billion) in 2010, up from 80.51 billion yuan in 2001, the National Council for Social Security Fund said yesterday.
This year, the fund has gained 32.12 billion yuan from equity investment with a yield of 4.23 percent, according to the council's annual report.
By the end of 2010, total equity investment returns stood at 277.26 billion yuan, a 9.17 percent annual yield over the past 10 years, 6.77 percentage points higher than the average inflation, the report said.
The council, which was launched in August 2000 to preserve and increase the value of the country's social security fund, was meant to solve the challenges of an aging population and serve as a coffer for future social security needs.
The council's Chairman Dai Xianglong expects the total assets of the fund to reach 1 trillion yuan by year-end and 1.5 trillion yuan by 2015 through sounder management.
The fund has four primary capital sources: stock rights allocated from state-owned shares; a public welfare fund; investment returns; and funds earmarked by the government, according to the report.
It also plans to raise money from channels such as the state capital management budget and the profits of state-owned enterprises during the country's 12th Five-Year Plan period from this year, the report said.
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