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China's social security fund will double its investments abroad to US$1.6 billion in the first quarter seeking to boost returns and cover more retirees, the chief pension administrator announced.

 

"We hope that returns will be reasonable enough to offset the rising exchange rate," said Xiang Huaicheng, chairman of the National Council for Social Security Fund (SSF).

 

The fund had US$850 million invested abroad at the end of 2006, with 80 percent of it in stocks, earning about 2.02 percent on the investment, said fund spokesman Li Keping.

 

China's pension fund received 19.5 billion yuan in investment income last year, representing a 9.3 percent yield, Xiang said, as the country's booming Shanghai and Shenzhen stock exchanges contributed returns of over 50 percent.

 

Including another 44 billion yuan in unrealized gains in 2006, the fund posted a return of 29 percent last year, Xiang said, whilst its domestic investments returned 3.1 percent in 2005.

 

Though half of the investment income was generated from the stock market, Xiang said the SSF will not increase the proportion of equities, despite a market soaring over 130 percent last year.

 

(China Daily January 26, 2007)