NSSF assets tipped to reach $806b by 2020
China's National Council for Social Security Fund (NSSF) will see its assets swell to as much as RMB5 trillion ($806 billion) by 2020, driven by contributions from state-owned enterprises (SOEs), according to the fund's former chairman.
Speaking at the Boao Forum for Asia in Hainan, Xianglong Dai, who stepped down last month, said that the NSSF received RMB2 billion from SOEs in 2012, putting it on course to reach RMB3-5 trillion over the next seven years, Shanghai Securities News reported.
Government subsidies and remittances from SOEs are the major contributors to the fund, which saw its assets top RMB1 trillion fro the first time last year. The NSSF said last week that investment income amounted to RMB64.5 billion in 2012, with a net return of 7%, its best performance in three years.
The NSSF received a capital injection of RMB52.6 billion from the central government last year and took over the management of a RMB100 billion pension fund in Guangdong province.
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