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No set time for pension funds to buy stocks
www.chinanews.cn 2005-03-10 12:51:30
Chinanews Mar.9 - In an interview yesterday Zheng Siling, head of the
Ministry of Labor and Social Security, indicated that the work to solve
pension funding gaps has started. Because of the Chinese government's
cautious approach to the securitization of pensions, it has not set a
date for pension funds to buy stocks.
Last year, Zheng Siling threw out a number: unfunded pension liability in
China totaled 2.5 trillion Yuan (US billion). If this gap remains
unsolved, many retirees would face the plight of not getting their
pension upon retirement. Zheng Siling also said yesterday that a pension
funding gap did exist in China. Expanding the range of pension taxation
and payment was just a way to solve the problem of pension shortage. At
present, the task of extracting retirement taxes from state-owned
enterprises has basically been completed. From now on, effort will be
focused on extracting similar taxes from private enterprises.
As for the question whether pension funds would enter the securities
market this year, Zheng said that the government would tread cautiously
on this sensitive issue. Since it is still quite risky to invest in
stocks, the government must take the protection of the public's money
seriously. That is why the Chinese government has not specifically set a
timetable for pension funds to buy stocks.
E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649
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