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China guarantees pensions payment: Premier Li

Updated: Mar 16,2016 12:03 PM     Xinhua

The Chinese government is capable of guaranteeing payment of benefits for pensioners, Premier Li Keqiang said on March 16 while meeting the press following the conclusion of the annual legislative session.

Premier Li said provincial governments, under the current scheme, have both liability and ability to ensure the pensions payment after raising funds through multiple channels.

If provincial governments have done their best but do face difficulties, the central government is prepared to extend help, Premier Li said.

The balance of nationwide pension insurance accounts was more than 3.4 trillion yuan (around $520 billion) last year, while the government reserved a social security fund worth 1.6 trillion yuan, Premier Li said.