BEIJING — China’s economy slowed to a 24-year low in 2014, but this was not the case for the country’s social insurance fund, new official data showed.
The assets of the Social Security Fund (SSF) were valued at 1.24 trillion yuan (around $200 billion) last year, increasing 11.43 percent year on year, faster than the GDP growth, an official with the national council for the SSF said on Jan 30 during the China Wealth Management 50 Forum.
Entrusted assets that totaled less than 300 billion yuan under the fund’s management were not included, according to the council.
Wang Zhongmin, vice president of the council, said the fund’s investment in stocks surpassed the market average. Private equity and direct investment, representing only a small proportion, also brought yearly yields of more than 10 percent.
The fund’s yearly ratio of return averaged 8.5 percent over the past 14 years, data showed.
Wang predicted the fund will keep growing due to a recent pension reform that would require both public and private employees to contribute to the pension fund.
The council will use new tools and innovation to improve its portfolio in the future, Wang said.