China appears to be getting serious about creating a social security system.
First, Zhu said, the coverage of China s social security program shall be extended according to the law. All urban enterprises and institutions and their employees should pay their social security taxes in full and on time. In the meantime, Zhu said, China s governments at all levels should further restructure their budgetary expenditures and increase their proportion of social security spending, the newspaper noted. Zhu also called on the government to open more channels to raise funds for social security spending. He said China should establish a national social security fund by selling a portion of state assets, issuing long-term social security bonds and through other methods.