China's Minister of Finance Liu Kun (C), and vice ministers Cheng Lihua (2nd R) and Liu Wei (2nd L) attend a press conference on the country's fiscal and tax reforms and fiscal work for the second session of the 13th National People's Congress in Beijing, capital of China, March 7, 2019. (Xinhua/Shen Bohan)
BEIJING, March 7 (Xinhua) -- China's overall income of the pension funds is greater than the expenditure, and the operation of the fund is in good condition, the finance minister said Thursday.
"Nationwide, China can ensure that the pension is paid on time and in full," Minister of Finance Liu Kun told a press conference on the sidelines of the annual legislative session.
Last year, the income of the corporate pension funds was 3.6 trillion yuan (536 billion U.S. dollars), while total expenditure stood at 3.2 trillion yuan, leaving a balance of 400 billion yuan, Liu said.
The cumulative balance of pension funds stood at 4.6 trillion yuan at the end of last year, he added.
In 2018, China established a system allowing the central authorities to adjust corporate pension funds at the national level, Liu said, adding that 22 provinces had benefited from the arrangement last year.
"Judging from current financial arrangements, each provincial region can achieve the balance of pension funds this year," he said.
