Premier Li squashes fears China wouldn't be able to pay pensions
Premier Li Keqiang said on Tuesday that China has the ability to pay pension benefits to retirees on time and in full.
China has 4.1 trillion yuan (645 billion US dollars) in pension funds, Li told a press conference following the conclusion of the annual legislative session.
"We have more revenue than expenditure," Li said. "We also have a 1.8 trillion yuan social security fund as a strategic reserve."
The premier announced measures to further improve the government's pension payment ability.
"We should have the confidence in the future," he said. "It is our responsibility... After all, it will be very disappointing if decades of hard work cannot earn one decent retirement."
Source(s): Xinhua News Agency