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Allocation of retirement fund unchanged in 2008
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The strategic asset allocation, or the proportional combination of assets, of China's National Social Security Fund (NSSF) will remain unchanged in 2008, a senior official said on Friday.

The decision was made by attendants of the ongoing SSF meeting. The NSSF would further expand its investment in the finance, transport and energy sectors, said Dai Xianglong, the newly-appointed chairman of the National Council for Social Security Fund (SSF).

The NSSF is a national compulsory retirement fund.

Vice Premier Zhang Dejiang addressed the meeting and said the NSSF should take advantage of the nation's rapid economic growth and increase its financing channels.

He added the NSSF should continue to follow a prudent, long-term and value-oriented investment strategy to maintain a steady profit growth.

Zhang urged the relevant authorities to keep exploring new fund management methods and step up professional training to provide qualified human resources for the NSSF.

Dai said the market value of the fund's assets under management rose to 516.2 billion yuan (73.7 billion US dollars) in 2007. He predicted the fund's assets might surpass 1 trillion yuan in 2010.

Last year, the fund reported an operating profit rate of 43.2 percent.

In 2000, China created the NSSF whose assets were to be managed by the SSF. The former was intended to help solve the retirement funding for the country's aging population. It is a strategic reserve fund accumulated by the central government to support future social security expenditures.

The NSSF is funded by central government appropriations, capital and equity assets derived from the reduction of state-owned shares, capital raised in other ways with the approval of the State Council and investment proceeds.

The central government planned to designate 276.2 billion yuan to the fund, or 45.8 billion yuan more than last year, to accelerate development of the social security system.

(Xinhua News Agency April 12, 2008)

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