Chinese Social Security Funds Have Nearly 3 Trillion Yuan in Assets under Management
The assets under management of Chinese social security funds are fast approaching 3 trillion yuan according to the latest official data.
Figures from the official website for the National Council for Social Security Fund (全国社会保障基金理事会) indicate that as of the end of 2018 the total assets managed by Chinese social security funds was 2.963245 trillion yuan.
The data release comes following the implementation of social security fee reduction policies in China starting from 1 May, that are intended to reduce the burden on enterprises.
27 province-level administrative entities in China have already reduced their social security fee rates from 20% to 16%.
Official data from China’s Ministry of Human Resources and Social Security indicates that the rollover balance for China’s pension funds was approximately 4.6 trillion yuan as of the end of 2018.