China’s social insurance system remains stable
China’s social insurance system remained stable in 2019, according to the Ministry of Human Resources and Social Security.
By the end of 2019, a total of 967 million people were covered by basic old-age insurance, about 205 million were enrolled in unemployment insurance, and around 255 million people held work-related injury insurance.
The gross revenue of the three social insurance funds totaled 5.82 trillion yuan (about 844 billion U.S. dollars), and the total expenditures hit 5.41 trillion yuan in 2019.
The accumulated balance of the three social insurance funds stood at 6.85 trillion yuan last year. The country will increase the proportion of the central adjustment fund and steadily push forward the investment and operation of the pension funds, according to the ministry.
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