China's political advisors have vowed to keep an eye on the
country's social security fund to prevent the money from being
"Social security fund provides the money for subsistence to the
general public. Many elderly people count their life on it.
Therefore, we must tighten supervision over it," Li Weixiong, a
political advisor, said Saturday at a press conference on the
sidelines of the Tenth National Committee of the Chinese People's
Political Consultative Conference (CPPCC).
Concerns over social security fund being misused were escalating
in China following the exposure of the Shanghai social security
fund scandal, which involved 3.7 billion yuan (US$474 million) and
led to the downfall of over a dozen senior officials and business
Li, vice chairman of the Subcommittee of Population, Resources
and Environment of the CPPCC National Committee, said there were
always some people who wanted to make a fortune with social
"The Shanghai scandal has sounded the alarm," Li said, adding
that the political advisors will keep an eye on the money.
He also hoped the media would enhance supervision over social
security fund. "If we all remain vigilant, the money will be safer.
China is expected to rake in some 56.6 billion yuan in pension
fund this year. Premium revenue from medical and jobless insurance
will reach 183.5 billion and 35.3 billion yuan, respectively.
Last year, China's National Audit Office discovered 7.1 billion
yuan of social security funds either being illegally borrowed, used
In his annual government work report delivered to the lawmakers
on March 5, Chinese Premier Wen Jiabao promised that the government
will strengthen supervision over and management of social security
funds and strictly prevent them from being misused.
An earlier meeting on clean government building held by the
State Council, or cabinet, urged governmental audit agencies at all
levels to strengthen supervision over social security funds and
publicly accumulated housing funds.
(Xinhua News Agency March 11, 2007)