Greater ChinaOperations

SASAC transfers 10% stake in Cosco to pension fund

China’s State-owned Assets Supervision and Administration Commission (SASAC), the major controller of state-owned enterprises, has made a decision to transfer 10% equity shares of Cosco Shipping Group to the country’s Social Security Fund for free.

Following the completion of the transfer deal, SASAC will still hold 90% of the shares of Cosco Shipping Group.

Cosco said the deal is arranged by the state council as part of its plan to use state-owned capital to replenish the Social Security Fund.

Earlier this year, a report by the Chinese Academy of Social Sciences warned that the urban worker pension fund, the backbone of China’s state pension system, will run dry by 2035 due to a decline in the available work force.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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