Despite challenges, insurance funds stable

China's social security fund is stable, and there is no problem with insurance payments, the central government announced on Monday.

But the rapid rate at which the average age is growing poses major challenges to the sustainable development of the country's insurance system, You Jun, vice-minister of human resources and social security, said at a news conference.

Surpluses in the five major social security insurance programs - including pensions and medical care - have steadily grown in recent years despite increasing expenditures, he said.