China to boost housing guarantee, supply

BEIJING - The Communist Party of China (CPC) has vowed in a key decision to build a more impartial and sustainable social security system, encompassing an improved housing guarantee and supply mechanism that is in line with the country's conditions.

Social planning and individual accounts will be integrated in the basic pension system, and a mechanism that gradually enables a higher retirement age threshold will be explored and mapped out, according to the full text of a "key decision on major issues concerning comprehensively deepening reforms," which was released on Friday.

The decision was approved at the close of the Third Plenary Session of the 18th CPC Central Committee on Tuesday.

According to the document, the management of personal pension accounts will be improved to encourage more input for higher annuities while protecting pensioners' interests.

The CPC vowed to "positively cope with the aging population issue" by accelerating the development of elderly service industries. A care service network will be improved for rural children left behind by their parents as well as for women and the elderly in rural areas.

The interests of disabled people and children suffering hardship will be better protected, the document said.

It added that urban and rural retirement and medical insurance systems will be coordinated, and a system will be set up and improved to review and modulate the social security conditions of people from all walks of life.

Policies will be improved to facilitate transfers of social insurance relations, expand insurance investment coverage and lower the ratio of social insurance premiums against claims paid appropriately, said the document.

It also promised an improved mechanism to withdraw, use and supervise housing funds.