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China to Increase Budget Fund for Social Security
China will greatly increase the proportion of funds for social security in budgetary expenditures, Minister of Finance Xiang Huaicheng said on July 15.
Addressing the national work meeting on finance, Xiang said that China will focus on providing adequate funding for social security purposes as part of the reform of the fiscal system in the next few years.
Budgetary expenditures for social security purposes jumped almost twice in the first half of this year over the same last year period, said Xiang. He didn't reveal the actual figure of spending on social security.
He noted that China is planning to expand social security funds by imposing social security tax, sell part of government shares in state-owned enterprises, and increase the issuance of lottery tickets.
He said that the Ministry of Finance is cooperating with other government departments to work out a complete funding program for the fledging social security system. The ministry is also working with other departments to implement social welfare payment standards and strengthen expenditure management and supervision.
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