Two Departments Determine Lists of Provinces to Launch in Phases the Entrusted Investment of the Basic Endowment Insurance Funds for Urban and Rural Residents

The General Office of the Ministry of Human Resources and Social Security ("MOHRSS") and the General Office of the Ministry of Finance ("MOF") have recently issued the Circular on Determining the Lists of Provinces (Autonomous Regions and Municipalities Directly under the Central Government) to Launch in Phases the Entrusted Investment of the Basic Endowment Insurance Funds for Urban and Rural Residents (the "Circular").

The Circular states that the list of provinces in which the entrusted investment of the resident endowment insurance funds will be started in 2019 covers Hebei Province, Jilin Province, Jiangsu Province, Zhejiang Province, Anhui Province, Fujian Province, Henan Province, Guangdong Province and Qinghai Province. These nine provinces must make sure they will ink contracts for entrusted investment with the National Council for Social Security Fund by the end of 2019. Also, the Circular expressly states that provinces (autonomous regions and municipalities directly under the Central Government), including Beijing Municipality, Tianjin Municipality, Shanxi Province and Inner Mongolia Autonomous Region, which are not on the 2019 list to launch the entrusted investment, shall, as soon as possible, put work on the entrusted investment of the resident endowment insurance funds on their own agenda, and lose no time in preparing the work plans, clearly specifying individuals held responsible and determining steps of the implementation, in a bid to ensure the entrusted investment will be all commenced by the end of 2020. Moreover, the Circular clarifies that all provinces (autonomous regions and municipalities directly under the Central Government) shall continue to expand the scale of investment made with the resident endowment funds, in an effort to ensure that 80% of the annual growth in surplus will be used for the entrusted investment, from 2017 and afterwards.



(Source: http://www.mohrss.gov.cn/gkml/zcfg/gfxwj/201903/t20190306_311486.html)

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