Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Pension fund to invest into China Development Bank
Adjust font size:

China's National Social Security Fund (NSSF) will invest into the China Development Bank (CDB), NSSF chairman Dai Xianglong, said on Sunday at the Summer Davos forum.

The CDB, which mainly lends to key national projects, is undergoing share-holding transformation to turn itself into a commercial bank. A stockholding company would be set up soon, according to early reports.

The NSSF would invest in the CDB and a series of other financial institutions as the fund is diversifying investment channel, Dai said, without elaborating.

NSSF would also increase investments in the country's equity market. "This will be good for the stability of the stock market," he said.

According to Dai, the pension fund has invested into the Beijing-Shanghai express railway, Bank of China, Bank of Communications and the Industrial and Commercial Bank of China.

The assets of the pension fund would reach one trillion yuan (146.6 billion U.S. dollars) by 2010, and exceed seven trillion yuan when adding insurance premium incomes and annuities, he said.

The NSSF had assets of 439.69 billion yuan at the end of 2007, an increase of 156.80 billion yuan from 2006.

In April, the State Council, the Cabinet, approved that the pension fund could invest no more than 20 percent of its total assets into industrial and commercial enterprises and 10 percent in private equity funds.

(Xinhua News Agency September 29, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- Pension fund pumps US$2.2b in shares
- Survey points to life fears after retirement
Most Viewed >>
- US House rejects financial rescue bill
- Experts: China little affected by US financial crisis
- China handles more trademark infringement cases
- Chinese banker predicts weakened US dollar in long term
- Bailout rejection to hit investor confidence in China
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?