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  • July 31, 2014
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  1. Extra 25b yuan from annuities to flood market

    Posted Aug 21st 2010, 12:00am by Staff Reporter

    ... An extra 25 billion yuan (HK$28.56 billion) in fresh capital is likely to flood mainland stock exchanges after Beijing raised the amount corporate annuities can invest in equities as it tries to revive the market. The central government will soon allow the mainland's annuities, which hold 252.5 billion yuan in assets, to invest a maximum 30 per cent in stocks, up from ...

  2. Mainland pension fund earmarks 7b yuan for five investment targets

    Posted Apr 12th 2010, 12:00am by Staff Reporter

    ... The mainland pension fund has chosen five funds to invest in this year, and the amount may involve up to 7 billion yuan (HK$7.96 billion), the fund's head said yesterday. Dai ... in and the investment amount would be between 6 billion yuan and 7 billion yuan. Dai did not identify the funds. The pension fund was set up in 2000 with state capital and dividends from listed state firms. ...

  3. Lost pensions of 895m yuan 'unrecoverable'

    Posted Mar 27th 2004, 12:00am by Shi Jiangtao

    ... Shi Jiangtao Nearly all of the 895 million yuan diverted from pension funds into property development and other schemes by the Guangzhou government was unrecoverable, according to local ... said his bureau, set up in 1997, had made little progress in recovering the money. Only about 31 million yuan taken from the pension funds had been retrieved by the end of last November, ...

  4. Social fund to get 500m yuan to help repair losses

    Posted Apr 04th 2007, 12:00am by Staff Reporter

    ... Leu Siew Ying in Guangzhou Guangzhou will restore about 500 million yuan diverted from its social security funds into risky investments more than 10 years ago, but the government ... has been punished, getting 10 years in jail in 2003 for diverting 50 million yuan from the fund and accepting bribes. Wang Yukai, of the National School of Administration, said that Guangzhou ...

  5. 30.8b yuan in funds misused, audits finds

    Posted Mar 16th 2007, 12:00am by Ting Shi

    ... Ting Shi China's national audit authorities have uncovered the misuse of 30.8 billion yuan in social security funds last year. The revelation came after a massive inquiry into pension ... is a ministerial level organisation overseeing the operation of the nation's welfare funds. More than 800 billion yuan in social security funds, out of the country's total of 2.2 trillion yuan ...

  6. Pension fund to invest record 100b yuan

    Posted Apr 14th 2007, 12:00am by Nevin Nie

    ... Nevin Nie The National Social Security Fund, the mainland's largest pension fund, will invest more than 100 billion yuan this year, the highest annual amount since its establishment, ... by the surging stock market as well as a spate of overseas listings, in each of which the fund gets a 10 per cent stake. At the end of last year, the fund had 326.8 billion yuan in assets under ...

  7. Guangzhou loses out in 900m yuan paper chase

    Posted Jul 08th 2006, 12:00am by Staff Reporter

    ... Leu Siew Ying in Guangzhou The Guangzhou government expects to recover only about half of 900 million yuan in social security funds that were misappropriated for investment in risky ventures before 1998. Of the total, 146 million yuan had been recovered by last month and efforts were being made to recover another 331 million yuan, the government said in response to a question ...

  8. 1b yuan loan plan aims to help laid-off workers

    Posted Jul 11th 2006, 12:00am by Minnie Chan

    ... Minnie Chan Trade unions join forces with a bank to set up credit scheme China's trade unions are joining forces with a bank to provide 1 billion yuan of loans to help laid-off workers return to work. China News Service said yesterday 250,000 laid-off workers were expected to benefit from the All-China Federation of Trade Union's 'small business credit plan ...

  9. Low-paid official grabs spotlight

    Posted Mar 07th 2008, 12:00am by Staff Reporter

    ... their problems and brief them about the government's policies. But our salaries are only 300 yuan [HK$330] a month,' Ms Chen said. 'My motion is to raise our salaries. It will raise ... He said 300 yuan a month was just the minimum salary level set for village officials and it 'certainly could be raised'. He suggested the city government take money from its pocket ...

  10. Children forced to work in factories

    Posted Jul 30th 2005, 12:00am by Minnie Chan

    ... were bussed into Dongguan and worked for as long as 10 hours a day as 'summer job apprentices' in return for 450-600 yuan a month. The 'apprenticeships' appeared ... the apprenticeships were paid as much as 1,000 yuan each. It said most of the factories produced toys and had children toiling in un-air-conditioned sweatshops in the stifling summer heat alongside adult ...




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