SHANGHAI (Reuters) - Chinese pension funds drew 970.8 billion yuan (£110 billion) in revenue in the first quarter, an increase of 25.4 percent from the same period last year, state news agency Xinhua quoted the Ministry of Human Resources and Social Security as saying.
Gross expenditures of the funds reached 808.5 billion yuan, up 22.9 percent from last year, and the pension funds’ account balance stood at over 4 trillion yuan at the end of March, it said.
China is home to more than 220 million people over the age of 60, or about 16 percent of the population, according to Xinhua.
By around the middle of this century, one in every three Chinese is forecast to be over 60, with a dwindling proportion of working adults to support them.
The government has been looking for ways to grow its pension funds, and has gradually expanded the types of assets into which they are allowed to invest.
Since the end of 2016, seven provincial-level regions have entrusted their pensions to the National Council for Social Security Fund (NCSSF), seeking more diverse and higher returns, Xinhua said.
Reporting by John Ruwitch