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Liu Kun, China's finance minister, said Tuesday that China's pension fund is running smoothly on the whole and that the granting of pensions is guaranteed. The central government will intensify its efforts to adjust pension funds, transfer part of state-owned capital to enrich social security funds, accelerate the progress of overall planning of pension insurance in the country, and establish and improve a reasonable adjustment mechanism for basic pensions.
Liu Kun said at the first press conference to celebrate the 70th anniversary of the founding of New China that, due to the aggravation of the aging population and the imbalance of population flow and other factors, and the previous fund can not be adjusted between provinces, there are indeed some provinces with a high pressure on fund balance of payments and the problem of dependency ratio in some provinces. There will be some imbalances in the income and expenditure of the province. The next step will be to promote the development of the old-age insurance system towards a more equitable and sustainable direction.
"Raise the proportion of central adjustment, focusing on solving the problem of large pressure on fund revenue and expenditure in individual provinces." Liu Kun said that in order to further balance the fund burden among regions, this year the central government has intensified its efforts to adjust funds, raising the proportion of funds to 3.5%, reaching 630 billion yuan in the whole year, which has solved the outstanding problem of fund revenue and expenditure pressure in individual provinces.
He also said that at the central level, 53 central enterprises and 14 central financial institutions have been transferred, and the scale of transfer is 860 billion yuan. Preparatory work has also been carried out at the local level. Active measures will be taken to promote the transfer of part of state-owned capital to enrich social security funds in an all-round way.
Liu Kun introduced that in recent years, the central government has increased its subsidies to the basic old-age insurance fund year by year, focusing on the central and western regions and the old industrial base provinces where the contradiction between the income and expenditure of the fund is more prominent. In the future, the government will continue to increase subsidies and support local governments to pay pensions in full and on time.
In addition, the Ministry of Finance will cooperate with relevant departments on the basis of overall planning at the provincial level, accelerate the progress of overall planning of pension insurance nationwide, improve the restraint mechanism of excessive and long-term contributions of pension insurance, establish and improve the reasonable adjustment mechanism of basic pension, and constantly promote the reform of the field of pension insurance.
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