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Xiang Huaicheng: Raise More Funds for Social Security
Ministry of Finance, Xiang Huaicheng said that China would increase the percentage of social security expenditures in the total budget and research new ways to finance social security, such as levying a social security tax, selling off some stocks owned by the state and expanding the quantity of lottery tickets issued.
Xiang made these remarks at the national fiscal working conference Tuesday.
He stressed that social security is arduous task due to the lagging development of social security, a serious lack of funds and a growing elderly population. Thus, reforms in China's social security system need to be accelerated. A social security system with Chinese characteristics independent of enterprises and administrative units needs to be quickly set up with diversified funding for social security, social security level standardized and management services socialized.
Xiang said that while raising funds, the Ministry of Finance will study and improve financing system for social security funds. It will also research and come up with a scientific and reasonable pay standard, enhance the supervision and management of social security expenditure and improve the efficient use of funds.
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