China should appropriate more to social security: Dai Xianglong

China should appropriate more national assets to expanding national social security reserves, the Social Security Fund chairman said Dec 17.

Dai Xianglong made the remarks in Beijing during the announcement of the 2012 report on the development of China's pension reserves.

Dai said he suggests that China build up individual social securities accounts in eight years beginning in 2013, and filling the funding gap with national assets.

Dai also said he suggests a supervision and management commitment for the operation and investment of the Social Security Fund.

Pension reserves of China accounts for only 2 percent of GDP, which is too low given China's goal of scientific development, Dai said.

He compared the rate with that of Norway, which is 83 percent; Japan, which is 25 percent; and the United States, which is 15 percent.

The percentage shows the status of a country's fiscal system, and in China, it requires more attention, Dai said.

China's pension reserves are less than 3 trillion yuan ($482 billion), while the GDP of China is expected to rise to 50 trillion yuan in 2012.