Ministry transfers assets worth $21b to national social security fund

China is accelerating the transfer of government holdings in State-owned enterprises to the social security fund, as part of its efforts to augment capital resources and bolster the country's pension system.

Last month, the Ministry of Finance transferred shares worth about 150 billion yuan ($21 billion), from the three large State-owned banks and the biggest insurance group, to the National Council for Social Security Fund.

On Sept 20, the ministry said that it would complete the share transfer of qualified central government-owned entities by the end of this year. Assets worth 600 billion yuan from 59 central government-owned enterprises will be injected into the social security fund, it said.