久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

  Home>News Center>China
       
 

Fund shortage may spell social security crisis
(Reuters)
Updated: 2005-09-26 10:15

China's under-financed social security fund is searching for new approaches to tackling a widening deficit, four years after it scrapped a plan to sell some state assets to help close the gap.

The National Council for Social Security Fund (NCSSF) celebrated a tense fifth anniversary on Sept. 7, amid widespread worry over the program's ballooning deficit.

The World Bank estimates the gap could rise to 9 trillion yuan (US$1.1 trillion) by 2075. In July 2005, the fund was valued at only 181.8 billion yuan (US$22.4 billion), and had received just 30 billion yuan (US$3.7 billion) from sales of State shares. It can expect to receive even less in the future, as fewer State companies are listed on the overseas market and are thus subject to stricter contribution requirements.

The Party and the government have tried various approaches to shift State assets into the fund, but the conflicting interests of many different departments have complicated the transition. In September 2004, the State Council established a working group with representatives from four key central ministries to accelerate the process, according to a report in the September 19 issue of China's Caijing Magazine, quoted by Reuters.

Meanwhile, the privatization of State assets to bolster the fund is gathering steam. Many local governments have drafted timetables for selling State assets under their control to private or foreign investors. According to the NCSSF, all State-held assets should contribute to the social security fund, in addition to a portion of revenues from the sale of land and mineral resources.

Additionally, China's stock market, whose downturn in 2001 was blamed for worsening the fund's deficit by reducing inflows, now seems to be on the rebound and may be part of the solution. When the council was established in 2000, the State decided to bolster the social security fund by selling State shares not previously traded on the market. In May 2001, the State Council stipulated that state-owned companies would sell State shares equal to 10 percent of the value of their IPO or share issuance and contribute the income to the social security fund. The market slumped when the plan was announced, and within a month the State had reversed the move, temporarily lifting the market. (The contribution requirements still apply to companies listed overseas.)

But Wang Jianxi, vice-chairman of the State investment company Central Huijin, said the implementation of the regulation did not cause the stock market nosedive. "The small sum of capital concerned, about 1 billion yuan (US$123.5 million), is about the size of an IPO from a medium-sized company," Wang said. "That alone should not have rocked the market."

Wang said the 2001 plan could be resurrected if the market rebounds. He believes shares in listed companies should be transferred directly to the fund, for its managers to hold or sell as they see fit.

Long Yifei, a professor at Renmin University of China Law School, said that the fund must be replenished now, with little time to spare as China ages at an increasing rate.

In the mid-1980s, China adopted a semi-pay-as-you-go pension system, under which a working unit generates pension payments for its retired employees by collecting a percentage from current employees' salaries, and there is no social security or pension fund. Since 1993, it has shifted toward a funding scheme in which workers would pay a fixed percentage of their income into a government-managed social security fund. These accumulated savings would then be invested, in the stock market for example. When the employees retire, they will be paid their pensions from the fund, as well as returns on the investments.

According to State statistics, some 160 million urban and township employees had joined the program by late 2004, each contributing about 28 percent of their total salary. Official statistics estimate retirees could each receive about 750 yuan (US$92.6) per month, which would hardly cover their basic living expenses. Yang Yansui, a researcher at Tsinghua University's School of Public Management, warns of social unrest if a dysfunctional social security system cannot provide for a majority of the elderly.

The system is plagued further by transitional problems. Many retirees and workers who began work before China adopted the new funding scheme must depend on the State to contribute retroactively to their pension accounts. These "covert debts" could cost the State up to 2.88 trillion yuan (US$355 billion), according to a 1995 estimate by labor authorities. (Other estimates are slightly more modest: A 1996 World Bank report put the figure at 1.92 trillion yuan (US$236.7 billion), and in 2000 State Council experts put it at at least 2 trillion yuan (US$247 billion)).

During this transitional period, enterprises must pay into the accounts of both current and retired employees. Many have defaulted, forcing provincial social security departments to tap into individual accounts in order to meet present-day pension obligations. According to the Ministry of Labour and Social Security, the de facto debt owed back to those individual accounts reached 740 billion yuan (US$91.4 billion) last year. Analysts believe that if the government does not take immediate corrective action, it will face an epic repayment crisis as these workers retire.

From 1998 to 2004, the social security fund received about 200 billion yuan (US$24.7 billion) from State budget.



Fire kills 5 in Northeast China
Aerobatics show in Hunan
Final rehearsal
  Today's Top News     Top China News
 

Australia, US, Japan praise China for Asia engagement

 

   
 

Banker: China doing its best on flexible yuan

 

   
 

Hopes high for oil pipeline deal

 

   
 

Possibilities of bird flu outbreaks reduced

 

   
 

Milosevic buried after emotional farewell

 

   
 

China considers trade contracts in India

 

   
  EU likely to impose tax on imports of Chinese shoes
   
  Bankers confident about future growth
   
  Curtain to be raised on Year of Russia
   
  Coal output set to reach record high of 2.5b tons
   
  WTO: China should reconsider currency plan
   
  China: Military buildup 'transparent'
   
 
  Go to Another Section  
 
 
  Story Tools  
   
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    亚洲激情av在线| 中文字幕不卡一区| 理论片日本一区| 日韩欧美亚洲一区二区| 久久99精品国产91久久来源| 久久久一区二区| 成人av高清在线| 亚洲日韩欧美一区二区在线| 欧美视频在线一区二区三区 | 亚洲综合色噜噜狠狠| 欧美日韩精品免费| 麻豆精品新av中文字幕| 国产视频一区在线播放| 色综合久久中文综合久久97 | 国产一区二区三区黄视频| 欧美高清在线视频| 在线观看网站黄不卡| 青青青伊人色综合久久| 久久精品夜色噜噜亚洲aⅴ| 99精品欧美一区二区三区小说| 亚洲成人一区二区在线观看| 日韩免费视频线观看| 成人免费va视频| 五月天一区二区| 久久久久亚洲蜜桃| 日本韩国精品在线| 久久国产尿小便嘘嘘尿| 国产精品成人免费精品自在线观看| 亚洲综合一二区| 欧美精品九九99久久| 国产美女在线观看一区| 亚洲色图欧洲色图| 日韩一级片网址| 波波电影院一区二区三区| 亚洲成va人在线观看| 久久先锋影音av| 欧美一a一片一级一片| 国精产品一区一区三区mba桃花| 日韩理论片网站| 欧美电视剧免费观看| 97成人超碰视| 久久99国产精品久久| 亚洲美女视频一区| 2020国产精品| 欧美丝袜丝nylons| 大尺度一区二区| 琪琪久久久久日韩精品| 最近日韩中文字幕| 欧美精品一区男女天堂| 欧美三级在线看| 久久精品日产第一区二区三区高清版| 亚洲激情自拍视频| 精品剧情在线观看| 欧美亚洲高清一区二区三区不卡| 国产一区二区毛片| 午夜视频在线观看一区二区三区| 日本一区二区久久| 日韩免费视频一区| 欧美日韩成人综合天天影院| 成人激情小说网站| 激情久久久久久久久久久久久久久久| 伊人一区二区三区| 亚洲国产精品精华液ab| 欧美大片顶级少妇| 欧美日本韩国一区| 色综合av在线| 成人黄色a**站在线观看| 老司机午夜精品| 亚洲成人免费在线| 亚洲色图在线视频| 中文字幕免费不卡| 久久综合五月天婷婷伊人| 7777精品伊人久久久大香线蕉的| 色悠悠亚洲一区二区| 成人永久看片免费视频天堂| 欧美日韩一本到| 亚洲电影你懂得| 中文字幕一区在线观看| 久久久.com| 精品国产91乱码一区二区三区| 欧美日韩不卡一区二区| 色国产精品一区在线观看| 成人激情免费视频| 国产成人小视频| 国模大尺度一区二区三区| 蜜桃视频在线一区| 日韩精品一二三| 亚洲高清不卡在线| 亚洲精选免费视频| 亚洲日本va午夜在线电影| 国产精品毛片无遮挡高清| 国产婷婷色一区二区三区| 2024国产精品| 久久色在线视频| 久久免费国产精品| 久久综合狠狠综合| 欧美精品一区二区三区视频| 欧美刺激脚交jootjob| 日韩欧美视频一区| 欧美xxxxxxxx| 精品国产一区二区精华| 精品精品欲导航| 精品福利视频一区二区三区| 亚洲精品一区二区三区精华液| 久久综合av免费| 久久久精品免费观看| 国产日韩欧美电影| 国产精品久久久久永久免费观看| 国产精品入口麻豆原神| 国产精品理论片在线观看| 亚洲欧美怡红院| 一区二区三区高清在线| 亚洲一区二区三区四区在线观看| 亚洲午夜精品网| 天天影视涩香欲综合网| 蜜臀av一区二区三区| 久久99精品久久久久婷婷| 国产一区二区三区| 丰满少妇在线播放bd日韩电影| 久久人人爽人人爽| 91福利社在线观看| 欧美日本在线一区| 日韩免费观看高清完整版在线观看| 欧美成人激情免费网| 国产拍揄自揄精品视频麻豆| 国产精品妹子av| 亚洲女女做受ⅹxx高潮| 亚洲成人av一区二区| 天天操天天干天天综合网| 久久99精品久久久久久久久久久久| 国产传媒一区在线| 99久久久免费精品国产一区二区| 91高清视频免费看| 欧美精品v日韩精品v韩国精品v| 日韩欧美一二三四区| 欧美激情一区二区| 亚洲黄一区二区三区| 青草av.久久免费一区| 国产成人精品一区二| 日本丰满少妇一区二区三区| 在线不卡欧美精品一区二区三区| 欧美精品一区二区三区蜜桃视频 | 欧美日韩dvd在线观看| 日韩精品中文字幕一区二区三区 | 日韩欧美一区二区三区在线| 久久久久久久网| 亚洲免费av网站| 麻豆精品国产传媒mv男同 | 国产福利一区二区三区在线视频| av成人老司机| 3751色影院一区二区三区| 国产日韩欧美综合在线| 一区二区三区成人| 极品少妇xxxx精品少妇偷拍| av一二三不卡影片| 7777精品伊人久久久大香线蕉的 | 日本在线不卡视频一二三区| 国产乱子伦一区二区三区国色天香| 99久精品国产| 日韩欧美中文一区| 自拍av一区二区三区| 免费在线观看一区二区三区| 国产jizzjizz一区二区| 欧美色老头old∨ideo| 久久久久国色av免费看影院| 一区二区三区欧美视频| 国产资源精品在线观看| 在线观看欧美黄色| 国产午夜精品福利| 亚洲妇熟xx妇色黄| 成人免费av资源| 欧美成人精品3d动漫h| 亚洲一区二区三区激情| 国产激情视频一区二区在线观看 | 亚洲国产一区二区在线播放| 韩国成人精品a∨在线观看| 91久久精品一区二区二区| 亚洲精品在线观| 亚洲成人动漫在线免费观看| 成人深夜在线观看| 欧美一区二区高清| 亚洲女爱视频在线| 国产精品自在在线| 欧美高清一级片在线| 中文字幕综合网| 国产一区二区福利| 欧美美女一区二区在线观看| 中文字幕日韩欧美一区二区三区| 久久成人av少妇免费| 欧美色网一区二区| 中文字幕一区二区三区视频| 国产中文一区二区三区| 91精品国产综合久久久蜜臀粉嫩| 亚洲色图另类专区| 国产v日产∨综合v精品视频| 精品国产免费一区二区三区香蕉| 亚洲一区av在线| 91丝袜国产在线播放| 国产亚洲成aⅴ人片在线观看| 日本中文字幕一区二区视频|