China’s social security funds saw a surplus of almost 980 billion yuan in 2017 according to the latest data from the Ministry of Finance (MOF)
The “Explanation Concerning the 2017 National Social Security Fund Accounts” (关于2017年全国社会保险基金决算的说明) released by MOF on 31 October indicates that in 2017 China’s social security funds saw total revenues of 5.843757 trillion yuan in 2017, for an increase of 16.6% compared to the previous year.
Total expenditures were 4.865299 trillion yuan, for a YoY rise of 11.6%, and surplus funds for that year of 978.458 billion yuan, as well as an end-of-year rolling balance of 7.534858 trillion yuan.
Enterprise employee basic pension funds saw revenues of 3.354204 trillion yuan in 2017, for an increase of 502.35 billion yuan, or 17.6%, compared to the previous year,while accounting for 115.3% of their budget.
Expenditures for that year were 2.856673 trillion yuan, for an increase of 278.504 billion yuan, or 10.8%, accounting for 100% of the budget.
Surplus funds were 497.531 billion yuan, while the end-of-year rolling balance was 4.157433 trillion yuan.
Urban rural basic pension funds saw revenues of 333.93 billion yuan, for an increase of 38.309 billion yuan, or 13%, compared to 2017, accounting for 107.6% of their budget.
Annual expenditures were 239.531 billion yuan, for an increase of 22.144 billion yuan, or 10.2% compared to the previous year.
Surplus funds were 94.399 billion yuan, while the end-of-year rolling balance was 634.191 billion yuan.