The accumulated balance of China's social insurance funds topped 2.98 trillion yuan (480.94 billion U.S. dollars) by the end of 2011, according to official data released on Wednesday.

The balance of revenues and expenditures for 2011 stood at 688.1 billion yuan, according to figures revealed by the Ministry of Finance (MOF).

Revenues for social insurance funds stood at 2.58 trillion yuan, up 34 percent from the previous year. Expenditures for social insurance funds rose 26 percent year on year to 1.89 trillion yuan.

Social pension insurance reported the greatest changes, with its expenditures outrunning revenues.

Social pension insurance revenues rose 190 percent year on year to 134.2 billion yuan. Expenditures rocketed 229 percent year on year to 69 billion yuan. The balance was 65.2 billion yuan and the accumulated balance was 135.1 billion yuan.

The balance sheet for social insurance funds covers basic pension insurance for enterprise workers, unemployment insurance, medical insurance for urban workers, work-related injury insurance, maternity insurance, social pension insurance and basic medical insurance.

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