China Sees 40 Percent Growth in Social Security Insurance

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Last updated at: (Beijing Time) Thursday, February 20, 2003

China Sees 40 Percent Growth in Social Security Insurance

Chinese taxation departments collected a total of 132.687 billion yuan (16.1 billion US dollars) in social security insurance last year, up 40.5 percent year-on-year.

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Chinese taxation departments collected a total of 132.687 billion yuan (16.1 billion US dollars) in social security insurance last year, up 40.5 percent year-on-year.

A spokesperson for the State Administration of Taxation said Wednesday that 105.798 billion yuan (12.8 billion US dollars) in basic pension insurance was collected last year, 8.315 billion yuan (1 billion US dollars) in unemployment insurance and 16.774 billion yuan (2 billion US dollars) in basic medical insurance.

The country's taxation departments have collected a total of 281.4 billion yuan (34.3 billion US dollars) in social security premiums during a five-year period from 1998 to 2002, including 235.9 billion yuan (28.7 billion US dollars) in basic pension insurance.

By the end of 2002, more than 110 million Chinese citizens owned pension policies, 2.2 million more than the previous year.

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