Australia and China have good prospects for working together on
social insurance and should cooperate more on sharing experience
and setting up and financing pension systems, an Australian said in
Beijing Thursday.
Australian Minister for Family and Community Services Amanda
Vanstone made the remark at a press conference held by the
Australian embassy in Beijing.
She came to China for a bilateral conference on superannuation and
retirement incomes, jointly hosted in Shanghai by the Chinese
Ministry of Labor and Social Security and the Australian Ministry
for Family and Community Services.
The conference theme was social insurance system reform in China
and Australia, management and supervision of a social insurance
fund, and preventing fraud as well as related problems in the
Chinese social insurance system, she said.
With its huge population and rapid economic growth, China, like
many Western countries, is facing challenges from an aging problem,
she noted, voicing Australia's willingness to share its experience
with China in superannuation reform, pension system build-up, fund
management and fraud prevention.
Social insurance, which affected social stability and people's
livelihood, required joint efforts from the government and private
financial sectors, she said. Australia would promote cooperation
between China and the internationally-respected social insurance
and financial institutions.
Last year, China's social insurance fund had a surplus of more than
300 billion yuan (about 36 billion US dollars), which drew more
concern from the public over fund supervision and management.
Australia's largest financial service group, the AMP group, has
regularly exchanged its experience with Shanghai on social
insurance and pension management, according to the Australian
side.
(Xinhua News Agency January 24, 2003)