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.
