China's national pension fund posted a net loss of more than 39 billion yuan last year, due to a sharp slump in the local stock market.
China'snationalpensionfundpostedanetlossofmorethan
39billionyuanlastyear,duetoasharpslumpinthelocal
stockmarket.
The National Council for Social Security Fund says the fund saw a negative profit ratio for the first time in eight years in 2008, while the average annual profit ratio was just under 9 percent.
The council reported that the loss was mainly due to the dramatic shrink in the A-share market last year. The council says it has insisted on the principles of long-term, valuable and responsible investments, and it will be more cautious when investing in the stock market.
The council is also pledging to adjust investment structures by gradually cutting spending on products with fixed-profit and expanding investment in equity funds.
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