(13th NPC) Flagship pension fund handed to finance ministryChina | 13 Mar 2018 4:10 pm
China's national social security fund investment operator will no longer be administered by the State Council, but by the finance ministry, according to a plan submitted to the national legislature today, Xinhua reports.
The fund has more than 2 trillion yuan in assets and it has investments of more than 36 billion yuan.
The strategic reserve fund was set up in 2000 and is China’s leading institutional investor.
The move aims to ensure the security and steady value preservation and appreciation of the social security fund, according to the plan on institutional restructuring of the State Council, which was tabled to the first session of the 13th National People's Congress in Beijing for deliberation.
The National Council for Social Security Fund will be a fund investment operating agency without definite government administrative ranking, the plan said.-Xinhua/The Standard