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Corporate annuity fund to reach 8 trillion yuan in 2030

(Xinhua)
Updated: 2008-04-21 09:57

China's corporate annuity fund will experience a robust growth over the coming years, reaching 1 trillion yuan ($142.86 billion) in 2010 and 8 trillion yuan by 2030, according to governmental forecast.

Every month, more than 30,000 Chinese enterprises and their employees paid into the corporate annuity fund, one of the pillars of the country's fledgling insurance system for retirees, said Tang Jisong, an official with the Ministry of Human Resources and Social Security.

The fund covered more than 10 million people and had almost 150 billion yuan in assets by the end of 2007, according to the ministry.

Tang said 38 companies were undergoing consideration as qualified managers and investors of the fund.

The average rate of return (ARR) of the fund was 9.6 percent in 2006 and 64.8 percent for the first half of last year on the country's booming inter-bank bond market. However, he did not mention how the fund performed in the second half.

China enacted the corporate annuity system in 2004 to promote the establishment of a multi-level pension system.