China's social security spending hikes 17.6 pct annually in 2006-2010
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During the 11th Five-Year Plan period (2006-2010), China spent 3.26 trillion yuan on social security, an annual increase of 17.6 percent, the Ministry of Finance (MOF) told Xinhua Friday.
Wang Jun, vice minister of the MOF, said in the 2006-2010 period, the social security expenditure from the central government stood at 1.4 trillion yuan (210.19 billion U.S. dollars), which was 2.1 times the expenditure in the previous five years.
As the improvement of civil welfare is a crucial component of the harmonious society China is pursuing, financial authorities at all levels should continue to raise investments in social security when making the 2011 fiscal budget and plans for the 12th Five-Year Plan starting from 2011, Wang said.
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