Official: China-Kyrgyzstan social security agreement to boost bilateral exchanges, interactions

China has signed a bilateral social security agreement with Kyrgyzstan, which will help promote bilateral economic and trade exchanges and personnel interactions, an official with the Chinese Ministry of Human Resources and Social Security said Thursday.

The agreement was signed by Wang Xiaoping, China's Minister of Human Resources and Social Security, and Baktiyar Aliyev, Chairman of the Social Fund of Kyrgyzstan, on Wednesday in Beijing, according to the ministry.

Under the agreement, employees of Chinese companies in Kyrgyzstan will be exempt from basic pension insurance contributions. Kyrgyz companies and employees will enjoy the same treatment as those in China.

The agreement will go into effect once both parties complete their respective domestic legal procedures.

Since 2001, China has signed bilateral social security agreements with 12 other countries, including Germany, the Republic of Korea, Denmark, Finland, Canada, Switzerland, the Netherlands, France, Spain, Luxembourg, Japan and Serbia, receiving good results.

According to the official, there are approximately 70 Chinese-funded enterprises in Kyrgyzstan, with nearly 3,000 Chinese employees.