China's pension reserves account for 2% of GDP

2012-12-17 07:17:15 GMT2012-12-17 15:17:15(Beijing Time)  SINA English

By Miao Miao, Sina English

Pension reserves of China take up only 2 percent of GDP, which is too low for the goal of scientific development, the chairman of the Social Security Fund Dai Xianglong said at the annoucement of 2012 report on the development of China's pension reserves today in Beijing.  

"The percentage is as high as 83% in Norway, highest in the world, follwed by 25% in Japan and 15% in America.What's more, the total of public pension, complementray pension and individual savings in America comes to $ 17.9 trillion in 2011, higher than its GDP of $ 15 trillion in the same year."  

"The GDP of China is expected to rise to 50 trillion RMB($ 802 billion) from 47 trillion RMB in the last year, while its pension reserves of China is less than 3 trillion RMB," Dai said," the percentage clearly shows the status of a country's fiscal system and its intergenerational care, which requires more attention."

Editor: Miao Miao
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