China sees soaring proceeds of national social security fund in 2003

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Last updated at: (Beijing Time) Friday, April 09, 2004

China sees soaring proceeds of national social security fund in 2003

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China has reaped 3.407 billion yuan's (about 412 million US dollars) investment proceeds of the country's social security fund (SSF), accounting more than half of the total proceeds SSF have earned in the past three years, the National Council for Social Security Fund (NCSSF) said Friday.

"Generally speaking, the investment and operation of National SSF are effective. Investment returns have been growing steadily over the years with fund safety ensured," said Xiang Huaicheng, the chairman of the NCSSF at the press conference held Friday.

Sources indicates that by the end of 2003, China has earned altogether 6.5 billion yuan (around 786 million US dollars) SSF, with about 52.3 percent acquired solely in 2003, 967 million yuan (117 million US dollars) in 2001 and 2.1 billion yuan (2.5 billion US dollars) in 2002.

In last year's national SSF investments, 95 percent are derived from low-risk investments including ordinary bank deposits, negotiated bank deposits and corporate and enterprise bonds. Only 5.1 percent of the total investment went to high-risk equity investment, well demonstrated the government's investment principle of "safety being paramount".

In fact, the smallest equity investment has taken up 24 percent revenue of the total SSF proceeds, Xiang said.

NCSSF was founded in 2000, but the young institution is expected to support the social security demands that may emerge during the potential peak of population aging in China.

Xiang also clarified NCSSP's major tasks at the conference, which are to secure and expand the sources of funds and to maintain and increase the value of the funds through investment and operation.

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