Eight Chinese provinces and municipalities have entrusted National Council for Social Security Fund (SSF) with pension insurance funds totaling 410 billion yuan ($60.8 billion) for investment, according to Ministry of Human Resources and Social Security on Friday.

Lu Aihong, spokesman of the Ministry of Human Resources and Social Security, said Beijing, Shanghai, provinces of Henan, Hubei, Yunnan, Shaanxi and Anhui, and Guangxi Zhuang autonomous region had signed commission contracts with SSF totaling 410 billion yuan by the end of June. National Council for Social Security Fund is responsible for managing these pension insurance funds and its account has received 172.2 billion yuan.

Lu said the ministry is promoting the entrusted investment of pension insurance funds in different provinces and stepping up the pace of making regulations on information disclosure.

In the end of 2016, National Council for Social Security had assets totaling 2 trillion yuan and 54 percent of them were entrusted investment assets.