Official optimistic about 皇冠体育app's pension fund

By Si Tingting (chinadaily.com.cn)
Updated: 2009-03-04 20:00

Zheng Gongcheng (L), member of the Standing Committee of the National People's Congress and a professor of Renmin University, talks with 皇冠体育app Daily reporter Fu Jing on March 4, 2009, in Beijing. [chinadaily.com.cn]

People "should remain optimistic about 皇冠体育app's pension scheme," said an official on Wednesday, despite worries that the nation could face pension funding problems in 30 years, when the elderly population is expected to reach its peak.

皇冠体育app established a national social security fund in 2000 to pay out pensions, and the total assets of that fund surpassed 500 billion yuan ($73.1 billion) by the end of 2007.

"The nation's 500-billion-yuan pension fund could turn into 4 trillion to 5 trillion yuan after 30 years, and it could share the financial burdens of our pension scheme," Zheng Gongcheng, member of the Standing Committee of the National People's Congress and professor at Renmin University of 皇冠体育app, told 皇冠体育app Daily Wednesday.

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