综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Economy

Markets

Industries

Insights

Reports

Events

Volatile market chips SSF returns

By Zhang Ran (China Daily)
Updated: 2009-02-25 08:10

The global economic crisis has taken a toll on China's national Social Security Fund (SSF), which incurred its first loss in eight years in 2008.

Related readings:  Govt vows to spend more on social security  Social security crucial to higher consumption

The loss resulted in a negative 6 percent return for SSF on its equity investments, in sharp contrast to its average 10.7 percent annual return from 2003 to 2007.

The loss was mainly caused by the stock market downturn, an SSF official who declined to be named told China Daily yesterday.

In total, the SSF official said, around 39 billion yuan ($5.7 billion) was lost due to investments in equities.

The official did not provide further details about the loss. The SSF annual meeting of its national council (equivalent to board of directors), is scheduled for today.

Analysts said SSF's loss was anticipated since the benchmark Shanghai Composite Index, China's major stock index, had fallen by as much as 65 percent last year.

Compared with the Shanghai index's overall level, the SSF's performance was actually better, Liu Zhijing, an analyst with China Galaxy Securities said.

The Beijing-based SSF was established in 2000. It was managing about 440 billion yuan ($64.7 billion) in assets in 2007, and reported an operating income of 145 billion yuan for the year.

SSF's funding sources include equity assets from State-owned enterprises; fiscal allocation from the central government; capital raised with approval from the central government; and investment proceeds.