In a quote of the National Social Security Fund council's party secretary, he is proposing that Chinese state-owned enterprises transfer 30% of their capital gains and ownership shares exceeding 51% to the fund.
Dai Xianglong, the party secretary for NSSF, told the Xinhua News Agency that the purpose of the transfer was to have better resources available to the fund. In order to achieve this, more assets are needed to be poured into the NSSF especially from the government owned enterprise sector.
He further proposes that listed state owned enterprises surrender 30% of their capital income to the NSSF and it should also transfer to the NSSF ownership shares exceeding 51% to the fun. With these recommendations, Dai is projecting to expand the fund's asset base to 3 trillion yuan or US$485 billion by 2020.
Just this April, Dai reiterated the NSSF support for the development of central government controlled companies by investing in them directly and directly. As of 2011, the NSSF managed assets worth 869 billion yuan.
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