China's Social Security System Takes Shape

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Last updated at: (Beijing Time) Wednesday, March 12, 2003

China's Social Security System Takes Shape

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China's Social Security System Takes Shape

Minister of Labor and Social Security Zhang Zuoji said Wednesday that China has basically developed a market-oriented employment mechanism and the framework of social security system has been initially established.

Zhang told a news conference on the sidelines of the on-going first sessions of the 10th National People's Congress and the 10th National Committee of the Chinese People's Political Consultative Conference that China has made considerable progress in improving its social security system.

He said that major achievements in this respect include:

-- A major labor restructuring during the transition from a planned economy to a market one has been basically completed;

-- Efforts have been made to provide basic living means to people with difficulties;

-- The pension system has been continuously improved;

-- The traditional labor protection medicare and free medicare systems have been replaced with a basic medicare insurance system;

-- The pilot project for improving social security system in Liaoning Province has made breakthrough;

-- Employment policies are being actively formulated;

-- Diversified financing channels have been developed to reinforce social insurance funds; and,

-- More and more people have been covered by social insurance.

More Insurance Areas to Cover More People

Zhang said that efforts will be made to expand the number of social insurance beneficiaries.

Within this year, beneficiaries of China's pension system will be increased from 130 million to 150 million; while that of the unemployment insurance system will be increased from approximately 100 million to 110 million; and that of the medicare insurance system will be increased from 90 million to 100 million, according to Zhang.

He also said that the pension for the retired had been increased from 415 yuan a month in 1997 to 627 yuan a month in 2002. But he acknowledged that the time is not mature for adopting a national farmers' social insurance system.

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