Social security funds operating well: Liu Kun

China's social security funds have been operating well and able to ensure punctual and full pension payments to retirees, Finance Minister Liu Kun said.

The central adjustment fund, which came into effect on July 1, 2018, to balance the payment burdens of local governments, is expected to be about 600 billion yuan this year, Liu said.

The country will appropriately increase the basic pension of retirees, Liu said. The central budget for basic pension transfer payment is set at 739.2 billion yuan, up 10.9 percent year-on-year.

For some provinces where there persists the financial gap of pension funds, even after help from the central fiscal subsidy and central adjustment fund, the central and local government will work together to fill the gap, Liu said.