What's news

Govt and policies

Pension funds to invest $75 billion

China's local governments have entrusted more of their basic pension funds for investment, as the nation moves to tackle the challenge of an aging society. By the end of March, 12 provincial-level regions including Beijing and Shanghai had signed contracts to entrust a total of 475 billion yuan ($75 billion) in pension funds to the National Council for Social Security Fund, according to the Ministry of Human Resources and Social Security. Of the total, 306.65 billion yuan is in place and has started to be invested, the ministry said. Pensions in China were traditionally held by banks or used to purchase treasury bills with annual yields far below the market average.