China has world's largest social security network: official

BEIJING -- China has built the world's largest social security network, the Ministry of Human Resources and Social Security said on Tuesday.

Vice-Minister Li Zhong told a press conference that the number of people covered by basic old-age insurance, unemployment insurance, and work-related injury insurance had reached 1.07 billion, 245 million, and 301 million, respectively.

China's social security system has been optimized since the 18th Communist Party of China National Congress held in 2012, with the basic old-age insurance for enterprise employees being coordinated nationwide and that for urban and rural residents being implemented uniformly. A multi-tiered social security system has been established, Li said.

According to Li, 98 percent of China's population possess social security cards, showcasing the improved social security services.

Li also noted that the ministry would further optimize the coordination of basic old-age insurance for enterprise employees and promote the private pension system nationwide while continuing to expand social insurance coverage.

In the meantime, Li said, efforts will be made to improve the fund safety supervision system and strengthen risk control, adding that the national unified social insurance public service platform will be optimized.

The vice minister said that social security-related laws and regulations will also be improved and revised in a timely manner as required.