'Govt spending on welfare must rise'

Government funding of social welfare systems needs to be enhanced, to the tune of about 35 percent of the financial revenue in 2020, according to a report released by the China Development Research Foundation (CDRF) under the State Council yesterday.

"A better social welfare system should cover more people with diversified policies, and help cushion the blow from the global economic downturn," Tang Min, the deputy secretary-general of CDRF, said at a symposium on Restructuring Social Security System yesterday in Beijing.

Quoting the report, he said financial revenue should account for about 26 percent of the gross domestic product in 2020, as a promise of the enhanced investment in social welfare system.