July 10, 2019 / 11:58 AM / 6 days ago

China to fully implement share transfers of SOEs to pension funds

BEIJING, July 10 (Reuters) - China will fully implement the transfer of government holdings in state-owned firms to pension funds this year, state television reported on Wednesday, citing a State Council meeting chaired by Premier Li Keqiang.

The State Council, or cabinet, said it aimed to fully implement the transfer of 10% of government holdings in medium and large state-owned firms and financial institutions to pension funds and relevant local entities, to let pension funds enjoy the benefits of the investments.

China’s social security system is under increasing strain as a result of a rapidly ageing population and a shrinking workforce.

The China Academy of Social Sciences (CASS), a government think-tank, said in a report in April that the country’s pension funds could become insolvent by 2035. (Reporting by Cheng Leng, Vincent Lee and Beijing Monitoring Desk)

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