Reporters' Log

Official optimistic about China's pension fund

By Si Tingting (chinadaily.com.cn)
Updated: 2009-03-04 20:00

Zheng Gongcheng (L), member of the Standing Committee of the National People's Congress and a professor of Renmin University, talks with China Daily reporter Fu Jing on March 4, 2009, in Beijing. [chinadaily.com.cn]

People "should remain optimistic about China's pension scheme," said an official on Wednesday, despite worries that the nation could face pension funding problems in 30 years, when the elderly population is expected to reach its peak.

China established a national social security fund in 2000 to pay out pensions, and the total assets of that fund surpassed 500 billion yuan ($73.1 billion) by the end of 2007.

"The nation's 500-billion-yuan pension fund could turn into 4 trillion to 5 trillion yuan after 30 years, and it could share the financial burdens of our pension scheme," Zheng Gongcheng, member of the Standing Committee of the National People's Congress and professor at Renmin University of China, told China Daily Wednesday.

Central Economic Work Conference

• Interest Rate Cut
• 30 Years of Reforms
• Coping with Financial Crisis
• Housing in China
• 2008 Tsinghua Management Global Forum
• more

Hot Words

• 政府注資 pump priming
• 軟環(huán)境 soft environment
• 糧食最低收購(gòu)價(jià) crops' minimum purchase prices

• 保八 Eight Percent Protection
• 以人為本 Put People First
• 農(nóng)民企業(yè)家 Farmer-turned-entrepreneur
• 窗口指導(dǎo) window guidance
• 下崗再就業(yè) Re-employment after being laid off
• more

From Foreign Press

• German media give full coverage to Premier's report
• Overseas press praise China's 8% economic growth
• German media: Economy tops agenda at NPC session
• From the foreign press
• World media keeps close watch on 'two sessions'
• more

Letters

• Corruption top issue for public
• China adopts Food Safety Law
• China's economic growth in 2009
• more