State Council approves draft regulations of social security fund

Senior citizens chat at a retirement home in Beijing. [Photo/Xinhua]

BEIJING - China's State Council has approved a draft of national social security fund regulations.

"The national social security fund is mainly financed by central government budget, state-owned capital and the fund's investment income," said a statement issued after Wednesday's executive meeting of the State Council chaired by Premier Li Keqiang.

The fund supplements and regulates social security expenditures including pension insurances.

The draft explained the fund's operations and risk management while intensifying audits and openness, according to the statement.