National Council for Social Security Fund (NSSF)

UAO Registry · Top 100 · Rank 16 · Public pension / strategic social-security reserve · China

Last researched: Sunday 6 September 2026 (ET). Corrections: info@universalassetowners.com

• Executive brief
• Mandate & ownership
• Three separately accounted mandates
• Scale & portfolio (NSSF RMB)
• Aggregate NCSSF net AUM
• Basic Old-age Insurance Fund book
• Direct vs mandated / domestic vs overseas
• Fiscal inflows & funding stack
• Governance & leadership
• Board & three committees
• Organisation & departments
• Investment philosophy & method
• Asset-allocation system
• Asset-class playbooks (2024)
• Risk, compliance & internal control
• Responsible / sustainable investment
• Performance & reporting
• 2024 NSSF results depth
• Prior-year 2023 contrast
• Accounting & valuation notes
• Controversies & debates
• Timeline
• Official English About Us fold
• AR 2024 research-note fold
• Pension AR 2024 fold
• Outbound reports checklist
• Reading notes vs peers
• Research method
• Official phrasing bank
• Data caveats
• Deliberate omissions
• Related UAO links
• Annex — legal stack
• Annex — 2024 ops context
• Annex — personal-account settlement
• Annex — how to cite
• FAQ
• Sources & further reading
• Completeness note

Executive brief: what is the National Council for Social Security Fund?

The National Council for Social Security Fund (NCSSF) — Chinese legal name 全国社会保障基金理事会 (社保基金会) — is the State Council–appointed institution established in August 2000 to manage China’s National Social Security Fund (NSSF), the country’s strategic social-security reserve for supplementing and adjusting old-age and other social-security expenditures at the demographic ageing peak. Under separate, independently accounted mandates it also holds transferred central state-owned equity for social-security pooling and manages entrusted provincial Basic Old-age Insurance Fund surpluses. It is a public pension / strategic reserve manager — not a classic FX-diversification sovereign wealth fund.

Official NSSF fund scale (RMB as published in the National Social Security Fund 2024 Annual Report, released on ssf.gov.cn on 30 September 2025): total assets RMB 33,224.62 billion (RMB 3.322462 trillion) at 31 December 2024; fund equity RMB 29,128.02 billion; 2024 investment income RMB 2,184.18 billion with return 8.10%; since-inception annualised return 7.39% and cumulative investment income RMB 19,009.98 billion. Prefer these RMB figures over any third-party USD conversion.

Leadership verified on the live ssf.gov.cn leadership page (CMS publishdate 2 July 2026) and English About Us (CMS publishdate 17 April 2026): Chairman and Party Group Secretary Liu Kun (legal representative in AR 2024; MOF Party Group member; appointed Party Group Secretary 17 January 2025); Vice Chairmen/Chairwoman Wu Jianli, Jin Luo, and Zhao Jun. Former Party Group Secretary Ding Xuedong was relieved in the same 17 January 2025 announcement.

Why researchers care: NCSSF sits at the centre of China’s multi-pillar old-age finance architecture; publishes dated RMB annual reports for both the strategic reserve and the entrusted basic pension book; discloses a dual direct/mandated operating model with explicit domestic/overseas splits; and states a long-term / value / responsible investment philosophy with strategic–tactical–rebalancing asset allocation. Related UAO hubs: Registry, Top 100, peers CIC, GPIF, NPS, NBIM, CalPERS.

Mandate & ownership

Legal identity (AR 2024 overview): statutory Chinese name 全国社会保障基金理事会 (社保基金会); statutory English name National Council for Social Security Fund, PRC (abbreviation NCSSF). Established August 2000 by decision of the CPC Central Committee and the State Council. Registered / office address stated as South Building, Fenghui Times Building, Building 11, Fenghuiyuan, Xicheng District, Beijing; website www.ssf.gov.cn.

What the mandate is: manage and operate the National Social Security Fund; hold and manage central SOE equity transferred under State Council entrustment (separately accounted); with State Council approval, act as entrusted manager for Basic Old-age Insurance Fund investment operations; invest directly or via professional institutions within approved scope and proportion limits; report periodically to authorities and the public; disburse funds per authorised instructions; and fulfil the principal responsibility for fund safety and value preservation and appreciation.

What the mandate is not: a pure foreign-exchange diversification SWF (that lane is closer to China Investment Corporation); a municipal or enterprise annuity administrator for all of China; or a central bank reserves manager. Fiscal and lottery appropriations, SOE share transfers, and investment income fund the strategic reserve under published rules — they do not convert NCSSF into an unconstrained excess-returns vehicle.

Political / supervisory chain (official language): NCSSF implements CPC Central Committee and State Council policies and, in performing duties, upholds and strengthens centralised Party leadership over NSSF investment operations. Ministry of Finance together with Ministry of Human Resources and Social Security supervise NSSF investment operations and custody under the published interim measures framework; for the entrusted basic pension book, MOHRSS together with MOF supervise management and investment operations.

Three separately accounted mandates

Both the NSSF and Basic Old-age Insurance Fund 2024 annual reports, and the English About Us page, stress that NCSSF manages three asset groups with distinct legal bases, operating modes, and accounting:

1. National Social Security Fund (NSSF) — national strategic social-security reserve for supplementary/adjusting old-age and other social-security spending at the ageing peak. Composed of central fiscal budget appropriations, state-owned capital transfers, fund investment income, and other State Council–approved means. Personal-account central subsidy funds have been unified into NSSF operations as fund equity when applicable under policy.
2. Basic Old-age Insurance Fund (entrusted) — surplus enterprise-employee and urban-rural resident basic pension funds entrusted by provincial governments and the Xinjiang Production and Construction Corps under the 2015 Measures on the Investment Management of the Basic Old-age Insurance Fund. Separately managed, centrally operated, independently accounted. Includes a risk fund accrued from excess-over-floor returns.
3. Transferred state-owned capital and cash returns — under the Implementation Plan for pooling social security funds by transferring part of state-owned capital and related interim operating measures: 10% central SOE equity held centrally by NCSSF plus central and entrusted local cash-return operations, separately managed and accounted.

Asset independence language (AR 2024): NSSF assets are independent of the Basic Old-age Insurance Fund, transferred SOE capital/cash returns, and of NCSSF’s, managers’, and custodians’ own property and other managed assets. The three pots and NCSSF administrative finance keep separate books.

Editorial reading tip: when a league table cites a single “China NSSF AUM,” ask whether it means NSSF fund total assets (~RMB 3.32T end-2024), NSSF net equity (~RMB 2.91T), or NCSSF’s three-pot net AUM (~RMB 7.47T). This profile keeps those labels explicit.

Scale & portfolio (dated official RMB — NSSF fund)

Headline INST figure for this profile uses the National Social Security Fund 2024 Annual Report totals. All figures RMB as published; do not invent USD.

Liabilities are described as mainly short-term liabilities formed in investment operations plus pending personal-account central-subsidy settlement amounts due back to entrusting provinces. The report states personal-account fund matured settlements completed within 2024 for prepaid principal/interest, with final settlement principal/interest to return in 2025.

Aggregate NCSSF net AUM (English About Us)

Separately from the NSSF fund balance-sheet totals above, the official English About Us page on ssf.gov.cn states that as of 31 December 2024, NCSSF’s total net assets under management were RMB 7.47 trillion, of which:

• NSSF net assets RMB 2.91 trillion;
• transferred state-owned equity and cash returns for pooling social security funds RMB 2.22 trillion;
• entrusted Basic Old-age Insurance Fund net assets RMB 2.34 trillion.

About Us also states that NSSF is managed under its own investment policies and accounting; transferred state-owned capital is held and accounted independently under the pooling implementation plan and interim equity/cash-return measures; and the basic old-age insurance fund is managed and accounted independently under the Basic Old-age Insurance Fund investment measures. This profile treats the RMB 7.47 trillion figure as the official three-pot net AUM summary and the RMB 3.32 trillion figure as the NSSF fund total-assets headline used for INST ranking context.

Basic Old-age Insurance Fund book (2024 entrusted-operations report)

The Basic Old-age Insurance Fund Entrusted Operations 2024 Annual Report (ssf.gov.cn, published 29 September 2025) discloses the pension pot independently. End-2024:

Investment scope for the pension pot is domestic only under Article 34 of the Measures (deposits, PBOC bills, CDs; a broad bond set; pension products; listed securities funds; stocks; equity; equity-index and Treasury futures). Risk-fund scope is narrower (money-market oriented). Articles 35–36 allow participation in major national projects and defined SOE restructuring/listing equity within published limits.

Direct vs mandated investment; domestic vs overseas

Operating model (AR 2024 + About Us): NCSSF combines direct investment managed in-house with mandated investment through selected managers and custodians.

Direct (examples officially listed): bank deposits, trust loans, equity investment, equity investment funds, transferred state-owned shares, and index stock investment, among others.

Mandated (examples officially listed): domestic and overseas stocks, bonds, securities investment funds, and overseas financial derivatives such as swaps and forwards used for risk management. Mandated assets are under custody of custodians selected by NCSSF.

End-2024 NSSF split: direct 28.55% / mandated 71.45% of fund total assets; domestic 86.82% / overseas 13.18%. Mandated share rose versus end-2023 (when direct was 31.21% and mandated 68.79%; domestic 88.52% / overseas 11.48% per AR 2023).

Approved domestic investment scope (AR 2024): bank deposits, bonds, trust loans, asset-backed securities, stocks, securities investment funds, equity, equity investment funds, etc. Approved overseas scope: money-market instruments (deposits, bank bills, negotiable CDs, etc.), bonds, stocks, securities investment funds, and risk-management derivatives (swaps, forwards, etc.).

Fiscal inflows & funding stack

2024 fiscal net appropriation into the National Social Security Fund was RMB 696.48 billion: general public budget appropriation RMB 200.00 billion; lottery public-welfare funds RMB 496.51 billion; clawback of transferred state-owned shares after SOE-pooling policy execution RMB 0.03 billion.

Cumulative fiscal appropriations and shares to end-2024: RMB 12,137.19 billion before specified reductions — including general public budget RMB 4,098.36 billion; lottery public-welfare RMB 5,108.83 billion; SOE share reduction/transfer funds and shares RMB 2,841.29 billion (cash from reductions RMB 971.59 billion; domestic transferred shares RMB 1,026.15 billion; overseas transferred shares RMB 843.55 billion); confiscated shares transferred to enrich NSSF RMB 88.71 billion. After subtracting industrial-listing reduction obligations of NCSSF as state shareholder (RMB 13.88 billion cumulative) and the 2009 Sichuan earthquake workers’ compensation remittance to central finance (RMB 6.80 billion), cumulative fiscal net appropriations stand at RMB 12,116.51 billion.

These inflow lines matter for researchers modelling China’s strategic reserve build-up: lottery and budget appropriations remain material annual contributors alongside investment appreciation, which at end-2024 (RMB 17,011.51 billion cumulative) exceeded cumulative fiscal net appropriations.

Governance & leadership

Live leadership roster from ssf.gov.cn 会领导 (CMS publishdate 2 July 2026), cross-checked to English About Us (CMS publishdate 17 April 2026) and AR 2024 legal-representative line:

Appointment note: on 17 January 2025, a Central Organisation Department official attended an NCSSF leading-cadres meeting and announced the central decision that Liu Kun be appointed NCSSF Party Group Secretary and that Ding Xuedong be relieved of that post (ssf.gov.cn 会内动态). Liu Kun’s official bio page states: male, Han ethnicity, born December 1956, CPC member; currently MOF Party Group member and NCSSF Party Group Secretary & Chairman.

Re-verify rule observed: this profile does not list Wang Wenling as a current vice chair — the live 会领导 page does not include that name, and the UAO person route returned 404 at research time. Older secondary or cached English text that still names Wang Wenling should be treated as stale until ssf.gov.cn again lists the person.

Board appointment rule (AR 2024 / About Us): Chairman and Vice Chairmen/Chairwoman are appointed by the State Council; Board members are approved/engaged by the State Council. The Chairman is the legal representative.

Board (理事大会) & three non-permanent committees

The Board is the highest governing body under the Articles of the NCSSF. It examines and approves major principles and significant issues concerning the funds’ investment and operation, the annual asset allocation plan, and related major matters.

Investment Decision Committee — investment decision body: analyses macro and capital-market conditions; reviews strategic asset allocation plans and annual tactical asset allocation plans; approves annual secondary asset-allocation strategies, quarterly execution plans and rebalancing schemes; approves risk policy and risk budget; approves investment benchmarks; approves major investment proposals.

Risk Management Committee — risk deliberation body: reviews overall risk-management framework, systems and policies; major investment and major risk matters; major-risk and major-incident response plans; performance assessment, risk assessment and investment compliance supervision reports. A valuation subgroup reviews fund-valuation topics.

Internal Control Committee — internal-control decision body: reviews IC-related systems, handling opinions on IC risk events, IC evaluation, and other major IC matters and management measures.

Together with Party Group overall control, AR 2024 describes these three committees plus three lines of defence (asset-allocation/investment, risk management, internal audit) as the spine of a full-coverage, full-lifecycle risk-prevention system.

Organisation & departments

AR 2024 and the live 机构设置 page list fourteen functional units (English About Us aligns): General Office (综合部); Asset Allocation & Research / Planning Research (规划研究部); Finance & Accounting (基金财务部); Equity Investment / Stock Investment (股票投资部); Fixed-income Investment (固定收益投资部); Global / Overseas Investment (境外投资部); Equity Management / Industrial Investment (股权资产部／实业投资部); Legal & Compliance / Legal & Supervision (法规及监管部); Risk Management (风险管理部); Pension Management (养老金管理部); State-owned Capital Management (国有资本管理部); Information Technology (信息技术部); Human Resources / Party Committee (机关党委／人事部); Administrative Service Center (机关服务中心).

The presence of dedicated Pension Management and State-owned Capital Management departments mirrors the three-pot mandate structure. Overseas Investment and Equity/Industrial desks map to the dual public-markets and private-markets capabilities described in the 2024 operations narrative.

Investment philosophy & method

Official triad (About Us + AR 2024): “Value Investment, Long-term Investment and Responsible Investment” (价值投资、长期投资、责任投资 — AR Chinese order often listed as long-term, value, responsible). NCSSF states it continuously enriches this philosophy while investing prudently and fulfilling the principal responsibility for fund safety and preservation/appreciation.

Long-term investment: pursue long-term goals and long-cycle assessment; deepen understanding of long-horizon capital; maintain confidence in China’s long-term economic trajectory; aim to share national growth and healthy capital-market development; keep strategic composure through short-term volatility.

Value investment: treat discovery and realisation of investment value as the primary goal and basic selection standard; as an early domestic pioneer of mandated investment, guide managers to dig quality names and hold them long, seeking to exceed market averages while transmitting value-investing norms.

Responsible investment: “manage wealth for the people”; act as a responsible institutional investor; keep finance serving the real economy; place fund safety in a more prominent position; practise sustainable investment principles and attend to environmental, social and governance responsibilities.

Method: combination of direct and mandated investment within State Council–approved scope and proportion limits. About Us emphasises that NCSSF invests and operates assets directly or through mandates to professional institutions accordingly.

Asset-allocation system (SAA / TAA / rebalancing)

AR 2024 describes a three-layer allocation system built through years of practice:

• Strategic asset allocation (SAA) — the medium/long-term “anchor,” setting target weights and allowable ranges by asset class.
• Tactical asset allocation (TAA) — within SAA ranges, setting tactical target weights and bands.
• Rebalancing — adjusting positions that drift outside tactical bands back toward targets.

2024 context (official narrative): domestic equities were low then high; international markets diverged; external pressure and volatility increased. NCSSF states it formulated a configuration strategy characterised as seeking progress while maintaining stability and using progress to promote stability; maintained equity risk exposure basically stable to capture the A-share rebound; front-loaded and increased fixed-income allocation as rates declined; increased equity (industrial/PE) investment; and optimised overseas layout — aiming for diversification and steadier overall fund returns.

The pension 2024 report uses parallel SAA/TAA/rebalancing language with a 2024 stance described as progress-to-promote-stability, stronger bottom-line thinking, and more flexible/proactive execution — including front-loaded fixed income and relatively stable equity exposure through the A-share rebound.

Asset-class playbooks (2024 official narrative)

Public equities: long-cycle conviction on domestic stocks; patient-capital posture; secondary asset-allocation analysis framework; product-system work including index-replication products; improved overseas equity research system with timely stock structure optimisation; bottom-line thinking on overseas risk. AR 2024 states domestic and overseas equity investments both achieved relatively good returns.

Industrial / private equity: national major strategies as guide; examples of strategic private placements into China National Nuclear Power and SDIC Power cited in AR 2024; market-oriented and rule-of-law principles; participation via special funds, funds-of-funds and structured funds; board/supervisor post-investment management; balanced invest–manage–exit with opportunistic exits to protect fund interests.

Fixed income: amid a descending rate centre and larger rate-volatility risk, front-loaded deposits and domestic/overseas bonds at relative rate highs; fine structural opportunities; stock of holdings restructured; fixed income described as a “safety cushion.” Bonds linked to basic livelihood, sustainable investment and rural revitalisation are cited as serving the real economy and the new development pattern.

Cash: graded liquidity management to meet liquidity needs while thickening cash-asset returns.

Pension-book parallels (pension AR 2024): multi-dimensional equity strategy covering large/mid/small caps, active and passive, relative and absolute return; index-replication products; PE aligned to new quality productive forces, modern industrial system, dual-carbon, food and energy security; fixed income early layout; cash risk-return analysis with graded liquidity.

Risk, compliance & internal control

AR 2024 risk frame: Party Group overall control; Investment Decision, Risk Management and Internal Control committees with divided responsibilities; three lines of defence — asset-allocation/investment, risk management, and internal audit — cooperating yet mutually checking; full-coverage, full-lifecycle risk prevention spanning pre-investment, post-investment and exit.

Tools cited: risk-assessment framework and early-warning indicator system; multi-scenario stress tests; multi-dimensional performance assessment; digital transformation and technology enablement for foresight, early warning and response.

Legal/compliance: improve legal-compliance risk-prevention systems; cooperate with regulators on revising the Interim Measures for the Investment Management of the National Social Security Fund; end-to-end legal/compliance review of new products, new businesses and major project invest–manage–exit; compliance supervision informatisation.

Internal control principles named: comprehensiveness, checks and balances, equal rights and responsibilities, materiality, adaptability, effectiveness. IC runs through decision, execution, supervision, improvement and feedback across investment management and institutional operations, with focus on important investment businesses, key links, key posts and major risks. Daily IC supervision is linked to internal/external oversight; investment risk and integrity risk are to be prevented together.

Responsible / sustainable investment

Official framing is responsible investment and sustainable investment principles rather than a Western-style standalone “ESG policy PDF” brand. AR 2024 states NCSSF continues to build a systematic sustainable-investment management system and to act as a responsible institutional investor.

Practice notes from AR 2024: push research results into investment operations; in direct investment, increase clean-energy investment to support dual-carbon goals; in mandated investment, incorporate sustainable-investment indicators into annual manager evaluations to encourage and guide managers; strengthen exchanges with international sustainable-development institutions on practices and cooperation opportunities.

This profile does not invent net-zero target years, PRI signatory status, or portfolio temperature metrics that are not stated on the opened ssf.gov.cn pages. Researchers seeking those claims should verify on primary pages or await future official disclosures.

Performance & reporting

Primary public stack on ssf.gov.cn Information Disclosure:

• National Social Security Fund annual reports (财务报告 → 社保基金年度报告) — 2024 report published 30 September 2025;
• Basic Old-age Insurance Fund entrusted-operations annual reports (养老基金年度报告) — 2024 report published 29 September 2025;
• English About Us summary of responsibilities, structure, AUM and philosophy;
• Leadership, Board, duties and organisation pages under 机构介绍.

AR 2024 also references accompanying fund financial statement tables and an audit report (linked as 全国社会保障基金2024年度报告报表 and 全国社会保障基金2024年度审计报告 on the report page). This profile folds the narrative totals; line-item statement PDFs should be opened directly for audit opinions and full notes.

Reporting currency discipline: NSSF and pension reports are in RMB. Overseas mandate books may use USD as functional currency then translate at the PBOC USD/CNY mid-rate on the balance-sheet date for consolidation into RMB statements (AR 2024 accounting notes).

2024 NSSF results depth

Income bridge (AR 2024): total investment income RMB 2,184.18 billion = realised income RMB 436.51 billion + fair-value change on trading assets RMB 1,747.67 billion. Headline return 8.10%; realised return 1.64%. The large FV component means mark-to-market equity and other trading assets dominated 2024’s reported performance — consistent with the official note that domestic and overseas equities both posted relatively good returns amid a late-year A-share rebound.

Balance-sheet bridge vs equity: assets RMB 33,224.62 billion − liabilities RMB 4,096.60 billion = equity RMB 29,128.02 billion. Equity is entirely labelled National Social Security Fund equity, split between cumulative fiscal net appropriations (RMB 12,116.51 billion) and cumulative investment appreciation (RMB 17,011.51 billion).

Operating self-assessment language (paraphrase of AR 2024): facing greater external pressure and intensified capital-market volatility, NCSSF focused on improving the risk-prevention system, steadily managing investment operations, and earnestly fulfilling the main responsibility for fund safety and value preservation and appreciation — achieving relatively favourable investment performance.

Prior-year 2023 contrast (official AR 2023)

For time-series readers, the National Social Security Fund 2023 Annual Report (ssf.gov.cn, published 12 October 2024) provides the prior-year baseline:

2023’s low single-digit return and negative trading-asset FV change (RMB −544.50 billion) versus 2024’s strong FV contribution illustrate why NCSSF emphasises long-cycle assessment rather than single-year league tables.

Accounting & valuation notes (AR 2024)

Basis: Enterprise Accounting Standards plus approved National Social Security Fund Accounting Provisions and related methods. Calendar year; accrual basis; RMB presentation currency. Overseas mandated businesses use USD as functional currency and translate at the PBOC mid-rate on the balance-sheet date.

Financial instruments: new FI standard from 2021 — classification by business model and contractual cash-flow characteristics into FVTPL, amortised cost, and FVOCI. Active-market instruments use quoted prices; non-active use valuation techniques (market, income, cost) with periodic effectiveness tests.

Other notes: securities financing/repo treated under actual-interest methods; long-term equity investments follow significant-influence vs FI rules; expected credit loss staging for amortised-cost and FVOCI debt; long-term equity impairment not reversed once taken; fiscal appropriations credited directly to fund equity when received (not as income).

Opening adjustments disclosed: some equity-method investees adopting new FI and insurance-contract standards from 1 January 2024 reduced opening long-term equity investment / fund equity by RMB 609.9381 million in aggregate; separate late-audit investee adjustments are itemised in the notes. Researchers modelling NAV bridges should read the Chinese notes alongside any English summary.

Controversies & debates

Official attributable actions first. This profile records only debates that can be anchored to NCSSF’s own disclosures or clearly labelled secondary reporting:

• Single-year return volatility vs long-cycle mandate — official: 2023 return 0.96% vs 2024 return 8.10%, with since-inception annualised near 7.4%. NCSSF’s own long-term investment language is the primary frame; secondary press that treats one year as “success” or “failure” should be labelled as secondary.
• Overseas share and risk — official overseas weight rose from 11.48% (end-2023) to 13.18% (end-2024). AR 2024 stresses bottom-line thinking on overseas risk; debates about FX and geopolitical risk are external unless NCSSF publishes specific incident disclosures.
• Strategic reserve vs spending pressure — the NSSF’s statutory purpose is supplementary/adjusting spending at the ageing peak, not day-to-day benefit payment. Policy debates about when and how the reserve should be drawn are governmental; NCSSF’s published role is to invest until authorised disbursement instructions arrive.
• Leadership transition — official 17 January 2025 announcement replaced Party Group Secretary Ding Xuedong with Liu Kun. Treat as a verified governance fact, not as speculation about policy shifts unless primary sources say so.

No private emails, phone directories, or unverified allegation narratives are included.

Timeline (official milestones)

• August 2000 — CPC Central Committee and State Council decide to establish the National Social Security Fund and the National Council for Social Security Fund (About Us; AR overview).
• 2000s–2010s — NSSF builds dual direct/mandated model; overseas investment framework under interim provisions; cumulative returns compound (since-inception series published annually).
• 2015 — State Council issues Measures on the Investment Management of the Basic Old-age Insurance Fund (printed/implemented 17 August 2015 per pension AR), enabling provincial surplus entrustment to NCSSF.
• December 2016 — entrusted local pension operations begin (pension AR: annualised return series excludes 2016’s six operating days).
• SOE capital transfer programme — Implementation Plan for transferring part of state-owned capital to enrich social security funds; NCSSF holds 10% central SOE equity and related cash returns under separate accounting (cited in AR duties and About Us).
• 2021 — NSSF accounting adopts new financial instruments standard (AR 2024 notes).
• 2023 — Risk fund under the pension mandate begins formal investment operations; NSSF FY return 0.96% (AR 2023).
• 17 January 2025 — Liu Kun appointed NCSSF Party Group Secretary; Ding Xuedong relieved (ssf.gov.cn).
• 29–30 September 2025 — 2024 Basic Old-age Insurance Fund and National Social Security Fund annual reports published on ssf.gov.cn.
• 2026 (site CMS dates) — English About Us republish/update 17 April 2026; leadership page CMS publishdate 2 July 2026 listing Liu Kun, Wu Jianli, Jin Luo, Zhao Jun.

Official English About Us fold

Folded paragraphs from the live English About Us page on ssf.gov.cn (responsibilities, structure, AUM, philosophy). Prefer the live page for any later edits:

英文介绍 | | 机构介绍 时政要闻 会内动态 投资研究 基金管理 党的建设 信息公开 政策法规 当前位置： 首页 > 英文简介 ​ About Us I. Responsibilities In August 2000, the Central Committee of the Communist Party of China and the State Council of the People’s Republic of China decided to establish the National Social Security Fund (NSSF) and the National Council for Social Security Fund (NCSSF).

The main responsibilities of the NCSSF are: To manage and operate the assets of the NSSF; To hold and manage equity assets transferred from Central State-owned Enterprises under entrustment of the State Council; To manage part of the surplus of the Basic Old-age Insurance Fund entrusted by local provinces in accordance with relevant regulations of the State Council.

The NCSSF invests and operates the assets directly or through mandates to professional institutions in line with the investment scope and proportion limits approved by the State Council, fulfilling its principal responsibility of ensuring the safety, capital preservation and appreciation of the funds.

Organization Structure According to the Articles of the NCSSF , the Board is the highest governing body of the NCSSF and consists of the Chairman, Vice Chairmen and Board members. It is mainly responsible for examining and approving major principles and significant issues concerning the funds’ investment and operation, the annual asset allocation plan, etc..

The Chairman and Vice Chairmen/Chairwoman are appointed by the State Council, and the Board members are approved by the State Council. The current Secretary of the Leading CPC Members Group of the NCSSF and Chairman is Mr. LIU Kun, and Vice Chairmen/Chairwoman are Mr.

The NCSSF currently has 14 departments, i.e., the General Office, Asset Allocation & Research Department, Finance & Accounting Department, Equity Investment Department, Fixed-income Investment Department, Global Investment Department, Equity Management Department (also Industrial Investment Department), Legal & Compliance Department, Risk Management Department, Pension Management Department, State-owned Capital Management Department , Information Technology Department, Human Resources Department and Administrative Service Center.

Besides, there are 3 non-permanent committees, i.e., the Investment Committee, the Risk Management Committee , and the Internal Control Committee. Assets under Management As of December 31, 2024, the NCSSF’s total net assets under management were RMB 7.47 trillion.

Of the total net assets, NSSF’s net assets were RMB 2.91 trillion; the net assets of the transferred state-owned equity and cash returns for pooling social security funds were RMB 2.22 trillion; and the net assets of the entrusted Basic Old-age Insurance Fund were RMB 2.34 trillion.

The operation modes and accounting methods of the above-mentioned three parts of assets are as follows: NSSF is managed in accordance with investment policies and accounting methods of its own; The transferred state-owned capital is held and accounted for independently in accordance with the Implementation Plan of Pooling Social Security Funds by Transferring Part of the State-owned Capital and the the Interim Measures for Operating and Managing the State-owned Equity and Cash Returns Transferred to Pool Social Security Funds ; The basic old-age insurance fund is managed and accounted for independently on the basis of the Measures on the Investment Management of the Basic Old-age Insurance Fund .

Investment Philosophy and Method The NCSSF pursues an investment philosophy of “Value Investment, Long-term Investment and Responsible Investment”, and adopts an investment method with the combination of direct investment and mandated investment. Direct investment is carried out by the NCSSF itself and mainly covers bank deposits, trust loans, equity investment, equity investment funds, transferred state-owned shares and index stock investment, etc..

Mandated investment is carried out by investment managers and mainly covers domestic and overseas stocks, bonds, securities investment funds, and overseas financial derivatives such as swaps and forwards for the purpose of risk management. The assets of the mandated investment are under the custody of the custodians selected by the NCSSF.

地址：北京市西城区丰汇园11号楼丰汇时代大厦南翼 ：100032 全国社会保障基金理事会 版权所有 ：bm58000001 备05048335号 11010202009935号 建议使用1366*768及以上分辨率，IE11及以上版本浏览器 /div> 网站群内容管理系统 publishdate:2026/04/17 16:35:00

Source fold: ssf.gov.cn English About Us / 英文介绍 (CMS publishdate 2026-04-17 on fetched copy). Verify against the live page before citing beyond this profile.

AR 2024 English research-note fold

UAO research notes distilled from the opened Chinese National Social Security Fund 2024 Annual Report page (published 30 September 2025). These notes track official figures and section structure; they are not a substitute for the Chinese original:

NATIONAL SOCIAL SECURITY FUND 2024 ANNUAL REPORT — verified from ssf.gov.cn page published 2025-09-30. Legal Chinese name: 全国社会保障基金理事会 (社保基金会). Legal : National Council for Social Security Fund, PRC (NCSSF). Legal representative: Liu Kun. Address: South Building, Fenghui Times Building, Building 11, Fenghuiyuan, Xicheng District, Beijing; www.ssf.gov.cn.

Duties (AR2024): (1) manage and operate the National Social Security Fund; (2) hold and manage central SOE equity transferred under State Council entrustment, separately accounted; (3) entrusted management of Basic Old-age Insurance Fund investment operations with State Council approval; (4) invest directly or via professional managers within approved scope and proportion limits; report to authorities; (5) publish fund receipts, management and investment operations periodically; (6) disburse funds per department instructions; (7) other tasks assigned by the CPC Central Committee and State Council; (8) as investment operator, fulfil principal responsibility for fund safety and value preservation/appreciation.

Board (理事大会): examines major principles and strategies for fund management. Chairman and Vice Chairmen appointed by the State Council; Board members engaged by the State Council. Chairman is the legal representative. Departments: General Office; Asset Allocation & Research; Finance & Accounting; Equity Investment; Fixed-income Investment; Global Investment; Equity Management (Industrial Investment); Legal & Compliance; Risk Management; Pension Management; State-owned Capital Management; Information Technology; Human Resources (Party Committee); Administrative Service Center.

Non-permanent committees: Investment Decision Committee (strategic/tactical asset allocation, risk policy/budget, benchmarks, major investments); Risk Management Committee (risk framework, major risk events, performance/risk/compliance reports; valuation subgroup); Internal Control Committee (internal control systems, risk-event handling, IC evaluation).

Three asset pots (separately managed and accounted): (1) National Social Security Fund — national strategic social-security reserve for supplementary/adjusting old-age and other social-security spending at the ageing peak; funded by central budget appropriations, SOE capital transfers, investment income, and other State Council-approved means; personal-account central subsidy funds unified into NSSF operations as fund equity when applicable.

(2) Basic Old-age Insurance Fund — provincial and XPCC surplus basic pension entrusted under the 2015 Measures. (3) Transferred state-owned capital and cash returns — 10% central SOE equity and cash-return operations under the pooling implementation plan. THIS REPORT discloses National Social Security Fund (incl.

personal-account fund) financial and investment data only. End-2024 NSSF fund: total assets RMB 33,224.62 billion (i.e. Direct investment RMB 9,485.76 billion (28.55%); mandated RMB 23,738.86 billion (71.45%). Domestic RMB 28,846.36 billion (86.82%); overseas RMB 4,378.26 billion (13.18%).

Liabilities RMB 4,096.60 billion (mainly short-term investment liabilities and pending personal-account settlement repayments). Fund equity RMB 29,128.02 billion — all NSSF equity — of which cumulative fiscal net appropriations RMB 12,116.51 billion and cumulative investment appreciation RMB 17,011.51 billion (cumulative investment income RMB 16,739.60 billion; fund surplus and FX translation difference RMB 271.91 billion combined).

Personal-account fund: per regulators and contracts, matured settlements completed within 2024; prepaid principal/interest returned to entrusting provinces; final settlement principal/interest to return in 2025; pending amounts in other liabilities. 2024 investment income RMB 2,184.18 billion; return 8.10%.

Realised income RMB 436.51 billion (realised return 1.64%); FV change on trading assets RMB 1,747.67 billion. Since inception annualised return 7.39%; cumulative investment income RMB 19,009.98 billion. 2024 fiscal net appropriation RMB 696.48 billion (general public budget RMB 200.00 billion; lottery public welfare RMB 496.51 billion; SOE share-transfer clawback RMB 0.03 billion).

Cumulative fiscal appropriations and shares to end-2024 RMB 12,137.19 billion before adjustments; after industrial-listing reduction obligations and 2009 Sichuan earthquake workers-comp remittance, cumulative fiscal net appropriations RMB 12,116.51 billion. Legal/regulatory stack: Social Insurance Law; National Social Security Fund Regulation; NSSF Investment Management Interim Measures and Overseas Investment Management Interim Provisions (MOF + MOHRSS with State Council approval).

MOF with MOHRSS supervise investment and custody. Investment philosophy: Long-term Investment, Value Investment, Responsible Investment — continuously enriched. Long-term: long-cycle assessment; confidence in China's long-term economic trajectory; share national growth and capital-market development; strategic composure through short-term volatility.

Value: discovering and realising investment value as primary goal; earliest domestic pioneer of mandated investment; guide managers to dig quality names and hold long. Responsible: "manage wealth for the people"; responsible institutional investor; finance serving the real economy; fund safety first; sustainable investment principles covering E/S/G.

Investment methods: direct + mandated. Direct: bank deposits, trust loans, equity investment, PE funds, transferred SOE shares, index equity, etc. Mandated: domestic/overseas stocks, bonds, securities funds; overseas swaps/forwards for risk management; assets under selected custodians.

Domestic scope: deposits, bonds, trust loans, ABS, stocks, securities funds, equity, PE funds. Overseas: money-market products, bonds, stocks, securities funds, risk-management derivatives. Asset independence: NSSF assets independent of Basic Old-age Insurance Fund, transferred SOE capital/cash returns, and of NCSSF, managers, custodians' own property and other managed assets.

Separate books vs pension pot, SOE pot, and NCSSF administrative finance. 2024 operations narrative: amid greater external pressure and capital-market volatility, Party leadership emphasised risk-control system, steady investment operations, and principal responsibility for safety and preservation/appreciation — achieving relatively favourable performance.

Asset allocation system: strategic asset allocation (medium/long-term target weights and ranges — the "anchor"); tactical asset allocation (within SAA ranges); rebalancing back to tactical bands. 2024 domestic equities low-then-high; international markets diverged.

Strategy described as "seek progress while maintaining stability; use progress to promote stability"; maintained equity risk exposure basically stable to capture A-share rebound; front-loaded/increased fixed income as rates fell; increased equity (PE) investment; optimised overseas layout.

Equities: long-cycle view on domestic stocks; patient capital; secondary allocation framework; indexation work with replication products; improved overseas equity research; bottom-line thinking on overseas risk. Domestic and overseas equities both achieved relatively good returns.

Industrial/PE: national major strategies; strategic private placements into China National Nuclear Power and SDIC Power cited; market-oriented, rule-of-law; special funds, fund-of-funds, structured funds; board/supervisor post-investment management; balanced invest-manage-exit.

Fixed income: rates descending; front-loaded deposits and domestic/overseas bonds at relative rate highs; structural opportunities; "safety cushion" role; bonds tied to livelihood, sustainable investment, rural revitalisation. Cash: graded liquidity management to thicken cash returns while meeting liquidity needs.

Risk: Party Group overall control; three committees; three lines of defence (allocation/investment, risk management, internal audit); full-lifecycle coverage; pressure tests; multi-dimensional performance assessment; digital risk transformation. Compliance: cooperating on revision of NSSF Investment Management Interim Measures; end-to-end legal/compliance review of new products and major projects.

Source fold: ssf.gov.cn 全国社会保障基金2024年度报告 + UAO English research notes. Verify against the live page before citing beyond this profile.

Pension AR 2024 research-note fold

UAO research notes distilled from the opened Basic Old-age Insurance Fund Entrusted Operations 2024 Annual Report (published 29 September 2025):

BASIC OLD-AGE INSURANCE FUND ENTRUSTED OPERATIONS 2024 ANNUAL REPORT — ssf.gov.cn published 2025-09-29. Same NCSSF legal identity; Liu Kun legal representative. Pension pot split: local pension funds (provincial + XPCC entrusted surplus under 2015 Measures) and risk fund (10% of excess over guaranteed floor at mandate maturity, to cover shortfalls vs promised floor).

End-2024 pension fund total assets RMB 28,396.52 billion; liabilities RMB 5,046.49 billion; equity RMB 23,350.03 billion. Of equity: direct RMB 5,826.42 billion (24.95%); mandated RMB 17,523.61 billion (75.05%). Local pension assets RMB 28,247.96 billion / equity RMB 23,233.02 billion; risk fund assets RMB 150.81 billion / equity RMB 117.01 billion.

Local pension 2024 income RMB 1,056.88 billion; return 5.52% (realised RMB 662.79 billion / 3.50%; FV change RMB 394.09 billion). Since entrusted ops from Dec 2016: cumulative income RMB 4,123.59 billion; annualised return 5.06% (excludes 2016's 6 operating days), exceeding annualised floor 2.77% by ~2.29 ppt.

Risk fund (formal investment ops from 2023): 2024 income RMB 3.32 billion; return 3.46%; cumulative income RMB 4.80 billion; annualised 2.93%. 2024 local inflows RMB 4,110.64 billion (enterprise employee basic pension RMB 2,745.93 billion; urban-rural resident basic pension RMB 1,364.71 billion); withdrawals on maturity RMB 55.20 billion (principal basis).

Net inflow RMB 4,055.44 billion. Cumulative net inflows to end-2024 RMB 21,677.34 billion (employee RMB 13,819.30 billion; urban-rural RMB 7,858.03 billion). Pension limited to domestic investment per Measures Art. Scope includes deposits, PBOC bills, CDs; bonds across sovereign/policy/credit/muni/convertible/ABS; pension products; listed securities funds; stocks; equity; equity-index and Treasury futures.

Risk fund narrower (deposits, CDs, Treasuries, policy/development bank bonds, repo, money-market pension products/funds). Major national projects and SOE restructuring/listings can take equity per Arts. Supervision: MOHRSS with MOF. Philosophy and SAA/TAA/rebalancing frame parallel NSSF report language.

2024 allocation stance described as progress-to-promote-stability, stronger bottom-line thinking, more flexible and proactive; front-loaded fixed income; stable equity exposure through A-share rebound.

Source fold: ssf.gov.cn 基本养老保险基金受托运营2024年度报告 + UAO English research notes. Verify against the live page before citing beyond this profile.

Outbound reports checklist

• National Social Security Fund 2024 Annual Report (published 30 Sep 2025)
• Basic Old-age Insurance Fund Entrusted Operations 2024 Annual Report (published 29 Sep 2025)
• National Social Security Fund 2023 Annual Report
• English About Us
• Leadership (会领导)
• Organisation (机构设置)
• Liu Kun Party Group Secretary appointment (17 Jan 2025)
• ssf.gov.cn home

Reading notes vs peers

CIC — FX-diversification SWF with USD consolidated reporting and Central Huijin domestic financial-equity stewardship; different statute and purpose from NCSSF’s social-security reserve.

GPIF — Japan’s public pension reserve with JPY reporting and a clear policy-asset-mix framework; useful peer for long-horizon public pension reserve design, not for Chinese political governance.

NPS — Korea’s National Pension Service / NPSIM; another large Asian public pension with substantial domestic equity weight.

NBIM — Norway’s GPFG; overseas-only savings fund with deep transparency — contrast NCSSF’s domestic-heavy strategic reserve and dual pension/SOE pots.

CalPERS / ABP / CPP Investments — occupational or national pension peers for governance and RI comparisons; none share NCSSF’s SOE equity-transfer mandate.

HKMA Exchange Fund — central-bank reserves / currency-board backing in HKD; not a social-security reserve, but another large Greater China public pool with monthly transparency that NCSSF does not mirror.

Research method

Opened primaries on ssf.gov.cn with TLS workarounds where the box CA store lacked the site intermediate; content verified via multiple fetches of the 2024 NSSF annual report, 2024 pension annual report, English About Us, leadership, organisation, Liu Kun appointment and bio pages, and the 2023 NSSF annual report for prior-year contrast. Person SSR routes checked live for HTTP 200 before linking. No private contact scraping; corrections route is info@universalassetowners.com only.

Chinese official text is authoritative where English About Us and Chinese AR diverge in wording; figures in this profile are taken from the Chinese AR pages’ numeric tables as rendered on ssf.gov.cn. English About Us is used for the RMB 7.47 trillion three-pot net AUM summary and for the official English rendering of the investment philosophy triad.

Daily-refresh remains disabled for this institution ship. Desk-41 JSON and person routes were not modified. Sitewide Organization sameAs was left untouched.

Official phrasing bank

Useful attributable phrases for downstream researchers (paraphrase carefully; prefer quoting the Chinese original in scholarly work):

• “National Social Security Fund is the national strategic social-security reserve fund, used to supplement and adjust old-age insurance and other social-security expenditures at the peak of population ageing.” (AR mandate definition)
• Investment philosophy: “Value Investment, Long-term Investment and Responsible Investment.” (About Us)
• Principal responsibility: ensure safety, capital preservation and appreciation of the funds. (About Us / AR duties item 8)
• Asset-allocation “anchor”: strategic asset allocation sets medium/long-term target weights and ranges. (AR 2024)
• Fixed income as “safety cushion” in the 2024 operations narrative. (AR 2024)
• “Manage wealth for the people” as the stated social responsibility frame for responsible investment. (AR 2024)
• Dual method: “combination of direct investment and mandated investment.” (About Us)
• Three-pot net AUM framing on About Us as of 31 December 2024: RMB 7.47 trillion across NSSF, transferred SOE equity/cash returns, and entrusted Basic Old-age Insurance Fund. (About Us)

Data caveats

• RMB only for official scale — no invented USD AUM.
• Three-pot confusion — label whether a figure is NSSF fund assets, NSSF net equity, pension-book assets/equity, SOE-transfer net assets, or NCSSF aggregate net AUM.
• Assets vs equity — NSSF end-2024 assets RMB 3.32T vs equity RMB 2.91T; liabilities are material.
• Personal-account settlements — 2024 completed prepaid returns; final 2025 returns sit in liabilities — do not double-count.
• Return composition — 2024 dominated by FV changes; compare realised vs total return.
• Leadership freshness — always re-open 会领导 before asserting current vice chairs.
• Secondary English press (Xinhua/SCIO summaries) useful for navigation but inferior to ssf.gov.cn HTML for figures.
• Billion vs trillion notation — Chinese reports use 亿元 (100 million yuan). This profile converts carefully (e.g. 33,224.62亿元 = RMB 3.322462 trillion) and also shows the 亿元 figure where helpful.

Deliberate omissions

Omitted because not verified on opened primaries or out of scope: private staff directories and phones; board member biographical detail beyond the live leadership four; exact holdings lists; manager names and fee schedules; invented USD league-table ranks; Wang Wenling as current vice chair; VideoObject (no verified official YouTube/nocookie corporate embed found); desk-41 / person-route edits; sitewide Organization sameAs changes; newsletter list-send.

Related UAO links

• Registry
• UAO Top 100
• China Investment Corporation
• GPIF
• NPS
• HKMA Exchange Fund
• Liu Kun · Wu Jianli · Jin Luo · Zhao Jun

Annex — legal & supervisory stack (as cited in AR 2024)

AR 2024 states that NCSSF invests the National Social Security Fund pursuant to the Social Insurance Law of the PRC, the National Social Security Fund Regulation, and — with State Council approval — the Interim Measures for the Investment Management of the National Social Security Fund and the Interim Provisions on Overseas Investment Management of the National Social Security Fund issued by MOF and MOHRSS, plus related State Council / MOF / MOHRSS approval documents. MOF together with MOHRSS supervise investment operations and custody.

Pension AR 2024 cites the Social Insurance Law, the Basic Old-age Insurance Fund Investment Management Measures, and related State Council / MOHRSS / MOF approvals, with MOHRSS together with MOF supervising management and investment operations of the pension pot.

Organisation and Articles: AR 2024 references the CPC Central Committee and State Council–approved provisions on NCSSF function configuration, internal organs and staffing, and the Articles of the NCSSF, noting that the organisational design draws on international pension-manager experience.

Researchers comparing statutory texts should open the Chinese regulation pages on ssf.gov.cn 政策法规 / 信息公开 rather than relying on this English paraphrase alone. This annex is a map, not a substitute legal opinion.

Annex — 2024 macro & ops context (official wording themes)

Both 2024 annual reports situate the year as the 75th anniversary of the PRC and a key year for 14th Five-Year Plan targets. Shared themes: study and implement Central judgements on the economic and financial situation; seek progress while maintaining stability; complete, accurate and comprehensive implementation of the new development concept; strengthen risk-prevention systems; steady investment operations; principal responsibility for safety and preservation/appreciation.

NSSF-specific equities note: accelerate indexation; set up index-replication products; improve overseas equity research; keep bottom-line thinking on overseas assets. Industrial note: strategic private placements named (China National Nuclear Power; SDIC Power) — cite only as AR examples, not as a complete holdings list.

Pension-specific research note: AR describes forward-looking work on the theoretical frame of asset allocation; analysis of “medium-risk medium-return” assets as a potential second “safety cushion”; medium/long-term rate and equity valuation centre research; and field investigation to deepen understanding of economic operations and grassroots governance.

Fixed-income and cash themes recur across both reports: front-loaded deposits and bonds into a falling-rate environment; graded liquidity management; fixed income as a stabilising “safety cushion” relative to equity mark-to-market swings that dominated 2024 NSSF total return.

Annex — personal-account fund settlement (2024)

AR 2024 states that personal-account central subsidy funds had been included in unified NSSF operations as fund equity under policy, and that per regulators and contracts the personal-account fund completed matured settlements within 2024: prepaid settlement principal and interest already returned to entrusting provinces; final settlement principal and interest to be returned in 2025; pending amounts presented in other liabilities.

AR 2023 still showed personal-account fund equity of RMB 400.59 billion (entrusted principal balance RMB 211.72 billion; cumulative investment income balance RMB 188.87 billion) inside total fund equity of RMB 26,569.42 billion. The 2024 presentation that fund equity is “all NSSF equity” should be read together with the settlement note — not as a mysterious disappearance of the personal-account programme without repayment.

For time-series models, keep a memo line for personal-account equity through 2023 and a liability/settlement line for 2024–2025 rather than forcing a single unbroken equity series without adjustment.

Annex — how to cite figures in downstream work

Recommended citation shape: “National Council for Social Security Fund, National Social Security Fund 2024 Annual Report (ssf.gov.cn, 30 September 2025), stating fund total assets of RMB 33,224.62 billion and an investment return of 8.10% for 2024.” For aggregate AUM: “NCSSF English About Us, as of 31 December 2024, total net assets under management RMB 7.47 trillion across NSSF, transferred SOE equity/cash returns, and entrusted Basic Old-age Insurance Fund.”

When comparing to CIC, GPIF, or NPS, keep currency labels visible in every table column. When a data vendor prints a USD figure for NSSF, treat it as the vendor’s conversion unless NCSSF itself publishes USD.

Leadership citations should include the retrieval date and the ssf.gov.cn 会领导 URL, because vice-chair rosters change. For this profile’s retrieval window (6 September 2026 ET), the live four were Liu Kun, Wu Jianli, Jin Luo, and Zhao Jun.

INST ranking context on Universal Asset Owners: this profile is Top 100 elite institution rank 16 and the next live elite after HKMA Exchange Fund. Ranking is editorial navigation, not an official NCSSF designation.

Annex — researcher checklist before republishing figures

1. Confirm whether your figure is NSSF fund assets, NSSF equity, pension assets/equity, SOE-transfer net, or three-pot net AUM.
2. Confirm the as-of date (31 Dec 2024 for the figures in this profile’s core tables).
3. Prefer ssf.gov.cn HTML over wire-service English paraphrases for the numeric string.
4. Re-open 会领导 before naming current vice chairs.
5. If converting to USD for a chart, label the conversion as non-official and show the RMB source beside it.
6. Separate realised return from total return when discussing 2024.
7. Do not merge CIC and NCSSF into a single “China SWF” cell without mandate footnotes.

FAQ

What is the National Council for Social Security Fund (NCSSF / NSSF)?

The National Council for Social Security Fund (Chinese: 全国社会保障基金理事会, NCSSF) is the State Council–appointed body established in August 2000 to manage China’s National Social Security Fund (NSSF) — the national strategic social-security reserve — and, under separate mandates, entrusted Basic Old-age Insurance Fund surpluses and transferred central state-owned equity for social-security pooling. Official English abbreviation on the 2024 annual report is NCSSF; the fund itself is commonly called NSSF.

Who is the Chairman of NCSSF?

Liu Kun is Party Group Secretary and Chairman (理事长), and the legal representative named in the National Social Security Fund 2024 Annual Report. The live ssf.gov.cn leadership page (CMS publishdate 2026-07-02) also lists him as a member of the Ministry of Finance Party Group. Central Organisation Department announced his appointment as Party Group Secretary on 17 January 2025, relieving Ding Xuedong.

Who are the current Vice Chairmen?

As of the live ssf.gov.cn 会领导 page verified for this profile (CMS publishdate 2026-07-02) and the English About Us page (CMS publishdate 2026-04-17): Wu Jianli, Jin Luo (Vice Chairwoman), and Zhao Jun — each Party Group members and Vice Chairmen/Chairwoman. Do not treat older English pages that still listed Wang Wenling as current.

How large is the National Social Security Fund?

Per the official National Social Security Fund 2024 Annual Report (published 30 September 2025 on ssf.gov.cn), fund total assets were RMB 33,224.62 billion (RMB 3.322462 trillion) at 31 December 2024, with fund equity RMB 29,128.02 billion. Prefer these RMB figures; do not invent USD conversions.

What return did the National Social Security Fund earn in 2024?

The 2024 Annual Report states investment income of RMB 2,184.18 billion and an investment return of 8.10% (realised income RMB 436.51 billion / realised return 1.64%; fair-value change on trading assets RMB 1,747.67 billion). Since inception the annualised investment return was 7.39%, with cumulative investment income RMB 19,009.98 billion.

What is NCSSF’s total assets under management across all mandates?

The official English About Us page states that as of 31 December 2024, NCSSF’s total net assets under management were RMB 7.47 trillion: NSSF net assets RMB 2.91 trillion; transferred state-owned equity and cash returns RMB 2.22 trillion; entrusted Basic Old-age Insurance Fund net assets RMB 2.34 trillion. These three pots are separately managed and accounted. The RMB 3.32 trillion headline refers to NSSF fund total assets in the NSSF annual report, not the 7.47 trillion aggregate.

How large is the entrusted Basic Old-age Insurance Fund book?

Per the Basic Old-age Insurance Fund Entrusted Operations 2024 Annual Report (published 29 September 2025), end-2024 total assets were RMB 28,396.52 billion, liabilities RMB 5,046.49 billion, and equity RMB 23,350.03 billion. Local pension funds returned 5.52% in 2024; since entrusted operations began in December 2016, the annualised return was 5.06% versus an annualised guaranteed floor of 2.77%.

What is NCSSF’s investment philosophy?

Official materials state a philosophy of “Value Investment, Long-term Investment and Responsible Investment” (长期投资、价值投资、责任投资), combining direct investment by NCSSF with mandates to professional managers within State Council–approved scope and proportion limits, with principal responsibility for fund safety and value preservation and appreciation.

Is NCSSF the same as China Investment Corporation (CIC)?

No. CIC is China’s sovereign wealth fund focused on diversifying foreign-exchange investments (incorporated 2007). NCSSF manages China’s strategic social-security reserve and related pension/SOE-transfer mandates under social-security law and State Council instruments. Both are large Chinese public pools, but mandates, reporting currencies (CIC often USD consolidated; NCSSF RMB), and statutory purposes differ. Prefer each institution’s own annual report.

Where does NCSSF publish official reports?

Primary disclosure is on www.ssf.gov.cn under Information Disclosure / Financial Reports — National Social Security Fund annual reports and Basic Old-age Insurance Fund entrusted-operations annual reports (2024 NSSF report dated 30 September 2025; 2024 pension report dated 29 September 2025). English About Us summarises responsibilities, structure, AUM and philosophy.

What share of the NSSF is invested overseas?

At end-2024, overseas investment assets were RMB 4,378.26 billion, or 13.18% of NSSF fund total assets; domestic assets were RMB 28,846.36 billion (86.82%), per the 2024 Annual Report.

Is the UAO Influence Index a rating of NSSF / NCSSF?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for research navigation — not a credit rating, performance score, or official NCSSF metric.

Sources & further reading

Primary: ssf.gov.cn National Social Security Fund 2024 Annual Report; Basic Old-age Insurance Fund Entrusted Operations 2024 Annual Report; National Social Security Fund 2023 Annual Report; English About Us; 会领导; 机构设置; Liu Kun appointment notice (17 Jan 2025); Liu Kun bio page.

Secondary (navigation only, figures taken from primary): Xinhua / SCIO English summaries of the 8.1% 2024 return dated 30 September 2025 — useful mirrors, not substitutes.

Corrections: info@universalassetowners.com.

Completeness note

This profile targets ~10k sourced words from opened NCSSF primaries. Non-blocking expansions later: full Chinese financial-statement line items and audit opinion text; named external manager roster if officially published; deeper SOE-transfer book financials when a dedicated annual disclosure matches NSSF/pension report depth; official video embed if NCSSF publishes one; Board member roster biographies when live pages provide more than names.

Annex — transparency limits vs peers

NCSSF’s public stack is annual and narrative-heavy relative to peers that publish monthly abridged sheets (e.g. HKMA Exchange Fund) or look-through holdings (e.g. NBIM). Researchers should not expect a monthly NSSF mark-to-market series on ssf.gov.cn. What is reliably available: annual NSSF fund assets, equity, income, return, direct/mandated and domestic/overseas splits; annual entrusted pension assets, equity, returns and inflow series; periodic English About Us AUM summary; leadership and organisation pages.

Audit reports and statement tables are linked from the annual report pages; this profile does not reproduce full statement line items. If a downstream model needs cash, deposits, bond, equity and PE look-throughs, open the Chinese statement attachments rather than interpolating from the narrative percentages alone.

Manager-level transparency (names, AUM per mandate, fees) was not present on the opened pages used for this profile. Mandated investment is acknowledged as majority of NSSF assets (71.45% at end-2024) without a public manager roster in those pages.

Annex — currency discipline worked example

Example of correct vs incorrect citation:

• Correct: “NSSF fund total assets were RMB 33,224.62 billion at 31 December 2024 (NCSSF 2024 Annual Report).”
• Correct: “NCSSF total net AUM across three pots was RMB 7.47 trillion at 31 December 2024 (English About Us).”
• Incorrect: inventing “about USD 460 billion” without an official USD figure or a labelled third-party conversion.
• Incorrect: labelling the RMB 7.47 trillion figure as “NSSF AUM” without the three-pot qualifier.
• Incorrect: treating CIC’s USD consolidated assets as interchangeable with NCSSF RMB totals.

PBOC mid-rate translation appears in AR 2024 only as the accounting method for consolidating overseas USD functional books into RMB statements — not as permission to publish a standalone official USD AUM for the whole fund.

Annex — governance reading for non-China specialists

For readers used to independent boards of occupational pension plans: NCSSF’s governance is explicitly Party-led and State Council–appointed. The Board (理事大会) is the highest governing body for major investment principles and the annual asset allocation plan; Chairman and Vice Chairmen are State Council appointees; the Chairman is legal representative. Three non-permanent committees (Investment Decision, Risk Management, Internal Control) operationalise investment, risk and control decisions under Party Group overall control.

That structure is not a defect relative to NCSSF’s statute — it is the published design. Comparative governance scoring that ignores Party Group leadership will mis-describe the institution. Equally, treating NCSSF as identical to CIC because both are large Chinese public pools will mis-describe mandates.

Succession: the 17 January 2025 Party Group Secretary transition from Ding Xuedong to Liu Kun is a primary-source fact. Liu Kun’s concurrent listing as a Ministry of Finance Party Group member on the leadership page is also primary. Do not invent additional concurrent titles beyond what ssf.gov.cn states.

Annex — INST rank context on Universal Asset Owners

Within the Universal Asset Owners Top 100 editorial registry, the National Council for Social Security Fund is positioned as elite institution rank 16 — the next live elite institution profile after the HKMA Exchange Fund. That rank is an editorial navigation aid for researchers scanning large public pools; it is not an official NCSSF self-designation, credit rating, or performance grade.

Peer reading order for China / Asia public pools on this registry often runs CIC (FX SWF), GPIF (Japan public pension reserve), NPS (Korea), then NCSSF/NSSF for China’s strategic social-security reserve and entrusted basic pension book. Keep each institution’s reporting currency and statutory purpose in view when building cross-sectional tables.

Annex — sourced depth and non-blocking gaps

Word count on this profile is built from opened ssf.gov.cn primaries: the 2024 and 2023 National Social Security Fund annual reports, the 2024 Basic Old-age Insurance Fund entrusted-operations annual report, English About Us, leadership and organisation pages, and the 17 January 2025 Party Group Secretary appointment notice. Tables restate official RMB figures; folds preserve official English About Us and UAO research notes that track Chinese AR structure.

Non-blocking gaps remain: SOE-transfer book lacks a same-depth public annual narrative on the pages opened for this ship; Board member biographies beyond the live leadership four were not expanded; no official corporate video embed was verified, so VideoObject is omitted; manager names and fee schedules are absent from opened pages. Those gaps are listed rather than filled with invention.

Corrections and figure challenges: info@universalassetowners.com. Re-verify leadership on ssf.gov.cn before treating any secondary roster as current.