China Spends More on Social Security: Minister

Home>>Business

Last updated at: (Beijing Time) Wednesday, March 06, 2002

China Spends More on Social Security: Minister

China's central government spent 98.2 billion yuan in the central budget for social security programs in 2001, 5.18 times the figure for 1998, Finance Minister Xiang Huaicheng said Wednesday.

DISCUSSION

CHINESE

SEND TO FRIEND

China's central government spent 98.2 billion yuan in the central budget for social security programs in 2001, 5.18 times the figure for 1998, Finance Minister Xiang Huaicheng said Wednesday.

The minister made the statement in his report on execution of the central and local Budgets for 2001 and on the draft central and local budgets for 2002, delivered at the current session of the National People's Congress.

The figure includes 34.9 billion yuan to subsidize the old-age insurance fund, 13.6 billion yuan for subsidies to provide basic living allowances for laid-off workers from state-owned enterprises, 2.3 billion yuan for subsistence allowances for urban residents, 31 billion yuan to replenish the national social security fund and 8.4 billion yuan for benefits for some disabled servicemen and family members of revolutionary martyrs and for social welfare and relief funds.

In addition to providing more funding for social security programs, a special social security account has been set up in the budget to provide extra funding for special purposes. Liaoning and other provinces are prudently promoting experimentation with the reform to improve the social security system.

According to statistics, as of the end of 2001, over 47 million persons received social security subsidies from the central budget.

In addition, a fund of 13.5 billion yuan to subsidize the shutdown and bankruptcy of enterprises was earmarked in the central budget for 2001 to help phase out outmoded industrial production capacity and reduce surplus production capacity.

Questions?Comments? Click here

Wages Must Be Paid on Time for Stability: Minister

Premier on Defense, Stability

>> Full Coverage