China to transfer state capital to social security funds

BEIJING - China will transfer some state capital including shares of state-owned companies (SOE) and financial institutions to the country's social security funds as an aging society puts pressure on pension payments, official document showed Saturday.

Capital will be transferred to the National Council for Social Security Fund and wholly state-owned companies, according to a document released by the State Council.

Pilot programs on the transfer will start in 2017, with shares of three to five centrally-supervised SOEs and two central financial institutions to be transferred.