China will seek to set up a sustainable basic old-age insurance system with the Chinese characteristics, said a Chinese official here Thursday at a press conference by the State Council Information Office.

"We should adhere to the principles of wide coverage, appropriate benefit level, reasonable structure and balanced fund so as to improve policies, perfect mechanism and improve management," said Liu Yongfu, vice minister of the Ministry of Labor and Social Security.

The improvement of basic old-age insurance system needs to set up a long-term mechanism to realize sustainable development so as to enable more people to enjoy the basic old-age insurance, he said.

"We should consider the relationship between the present and the future in a comprehensive way to ensure the full implementation of social insurance policies," he said.

Source: Xinhua