China progresses in transferring State-owned assets to social security funds

China has made positive progress in replenishing social security funds with State capital, Minister of Finance Liu Kun said on Sept 27 at a meeting on such topic.

By now, a total of 860.1 billion yuan (about $121.6 billion) of State capital from 67 centrally-administered State-owned enterprises and central financial institutions has been transferred to social security funds, said Liu.

At the local level, the pilot work of replenishment in provinces of Zhejiang and Yunnan has been basically completed, with 15.8 billion yuan and 18.5 billion yuan, respectively, having been transferred by the end of 2018, according to Liu.

The meeting stresses that the transfer work should be carried out in a pragmatic and efficient manner.

"The replenishment work shall be basically finished by the end of next year," Liu said, adding that relevant departments of all levels in all regions should push forward the work and complete the task as required.

The State Council issued the implementation program on replenishing social security funds with State capital in November 2017, deciding to pilot the measure in selected central and local SOEs.