With effect from 1 January 2022, the balancing of pension funds for private sector employees has been conducted on a national level, rather than on a provincial basis, China’s deputy finance minister Yu Weiping announced on 22 February. The move broadens an existing approach, which began in 2018, of pooling pension funds at a regional level – to ensure a balance between provinces with different levels of funding – and between public and private sectors. It also signals another step towards the creation of a national pension system.
At the press conference, Yu Weiping said the fund had reserves of 4.8 trillion yuan (€672 billion), or 14 months of advance payments. This national pension fund has been supplied with 1,680 billion yuan (€235 billion) by state-owned enterprises and financial institutions. The minister also stressed that the fund’s overall revenue exceeded its expenditure, and that the payment of pensions “in full and on time” was guaranteed. He also said that this requirement had to be ensured for all Chinese p
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