In order to maintain the safety and integrity of social insurance funds and their value, China has drafted a Social Insurance Law and Social Insurance Fund Management Rule.
Liu Yongfu, deputy director of the Ministry of Labor and Social Security (MOLSS), said at a recent seminar that China's total social insurance fund reached RMB180 million in 2005, which accounted for more than 10% of the country's total GDP.
Liu Yongfu said that although China has included the management of social insurance funds in laws and regulations, the lack of a special law has caused many problems.
