China has decided to establish a national social security foundation in order to ensure subsidies to people needing financial aid, the Xinhua news agency reported Sept. 25.
The decision, approved by the Communist Party of China, aims to create a stable social environment as part of the nation’s economic reforms and international trade development drive.
The foundation board, affiliated with the State Council, will manage all funds allocated by the central government. Chinese social security will fund help care for the elderly, medical insurance and the unemployed.
The foundation board will consist of government officials, scholars and social celebrities appointed by the State Council.
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