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China to launch rural social pension projects

(Xinhua)
Updated: 2009-06-25 11:11

BEIJING - China's State Council reached a decision at an executive meeting on Wednesday to promote a new type rural social pension pilot projects.

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The meeting, presided over by Premier Wen Jiabao, said building a new rural social pension system was key to reducing rural poverty and narrowing the gaps between urban and rural areas. It was also key to maintaining social stability and promoting domestic consumption.

According to the meeting, the new-type rural social pension pilot programs will be carried out in 10 percent of counties this year. Rural residents above the age of 16 are all eligible to join the program.

The meeting also ordered local governments to strengthen supervision of pension funds.