A view of the city skyline ahead of the annual National People’s Congress (NPC) in Shanghai, China, February 24, 2022. Portal/Aly Song/File Photo Acquire LICENSE RIGHTS
SHANGHAI, Nov 4 (Portal) – The basic pension fund managed by China’s Social Security Fund rose 5.1 billion yuan, or 0.33%, in 2022, compared with a 4.9% gain in 2021, the National Council for Social Security Fund on Saturday.
The decline in yields was mainly due to profound changes in the global economic and political situation as well as increasing fluctuations in financial markets, the state-owned investor said in a statement.
China’s equity benchmark CSI 300 (.CSI300) has lost 21.6% in 2022 and is down 7.4% so far this year.
The basic pension fund will manage a total of 1.62 trillion yuan by the end of 2022 and has achieved an annual average increase of 5.4% since the end of 2016, when the National Social Security Fund began managing pension investments.
Separately, the National Social Security Fund reported a loss of 5.07%, or 138 billion yuan, for 2022, it said in a September report.
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Reporting by Shanghai Newsroom; Edited by Michael Perry
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