Beijing Wants to Create “World’s Biggest Social Security Safety Net”

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Key organs of China’s central government said they will take measures to significantly strengthen the country’s welfare and social security system over the next five years.

At an official press conference held as part of the 19th National Party Congress, the heads of the Ministry of Education, the Ministry of Civil Affairs, the Ministry of Human Resources and Social Security, the Ministry of Housing and Urban-Rural Development and National Health and Family Planning Commission outlined ambitious plans to beef up China’s welfare system in the near term.

Yin Weimin, head of the Ministry of Human Resources and Social Security, said that China would “establish the world’s largest social security safety net,” as well as an aged care insurance system that would cover over 900 million people.

According to Yin basic aged care insurance levels have seen continual increase over recent years, with the monthly average amount for urban professionals currently in excess of 2300 yuan.

“The 19th National Party Congress report refers to the need to comprehensively implement an insurance plan for all of the people,” said Yin. “This comprehensive insurance plan will be able to register the detailed circumstances of all uninsured citizens… by means of this plan, we can mobilise those citizens who do not yet have insurance to take part in the aged care insurance system.”

Chen Baosheng, the party secretary and head of the Ministry of Education said that China would establish a financial assistance system covering every stage of education from kindergarten to university, to abet the educational opportunities of disadvantaged households.

Chen said that Beijing aimed to raise the tertiary education rate to 50% by 2020 from 42.7% at present, as well as the high school attendance rate to over 90% during the same timeframe.

The ministry also intends to raise the kindergarten attendance rate to 85% by 2020 from 77.4% at present.

Wang Menghui, the head of the Ministry of Housing Resources and Urban-Rural Development, said that the ministry is currently implementing residential rental trials in a total of 12 large and medium-sized cities around China, as well as actively exploring the development of joint property rights housing.

According to Wang China’s real estate market control policies had already proved effective, with year-on-year growth rates for new commercial residential property in first-tier cities as well as some hotspot second-tier cities currently on the decline.

Wang expects China’s national real estate market to continue to see declining growth in transaction volumes in the fourth quarter, as well as maintain price stability.

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