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National Council for Social Security Fund (NSSF)

全国社会保障基金理事会 · China · Asia · Founded 2000 · Pension reserve fund · Not an IFSWF member

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Focus

NSSF: what it invests in

TechnologyIndustrials and manufacturingRenewables and climateHealthcare and life sciencesFinancial services
Fixed incomePublic equitiesPrivate equityCash and money marketsStrategic state holdings

Geography Mainly domestic

Scale

NSSF: how big it is, and on what basis

RMB 3,808B
Total assets (balance sheet)As of

In US dollars: about USD 544B. RMB 3,808.4 billion at the ECB rate of 7.001 yuan per US dollar on 31 December 2025.

Return, 2025 13.22%

Transparency

NSSF: what it publishes

8.0 of 10 Band 4 of 5

Published 6 · Partly 4 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS3
RMB 3,808B (about USD 544B, end 2025)
As of
Return, 2025S6
13.22%
As of
Return since 2000S3
7.62% a year
As of
Cumulative gainsS3
RMB 2,292B
As of
Overseas shareS3
15.23%
As of
Run by outside managersS3
73.19%
As of
New tech funds, 2025S8
5 funds, RMB 160B
As of
Transparency scoreS3
8 of 10
As of

At a glance. The National Social Security Fund is China's central strategic reserve for future pension and social security costs as the population ages. The Council that runs it reported total assets of RMB 3,808 billion at the end of 2025, about USD 544 billion. About 73 percent is placed with outside managers and 27 percent invested directly, and 15 percent sits overseas. S3 S5 S6

Key points

  • Returned 13.22 percent in 2025, an investment gain of RMB 390.7 billion, up from 8.10 percent in 2024. S6 S7
  • Averaged 7.62 percent a year since 2000, with cumulative investment gains of RMB 2,291.7 billion. S3
  • Domestic assets were RMB 3,228.4 billion (84.77 percent) and overseas RMB 580.0 billion (15.23 percent) at end 2025, with overseas up from 13.18 percent a year earlier. S3 S7
  • Net fiscal inflows were RMB 61.8 billion in 2025, two thirds of it from lottery welfare funds. S3
  • Set up five provincial science and technology funds in 2025 with a combined first phase of RMB 160 billion. S8
  • Fund equity of RMB 3,346.6 billion is built from RMB 1,273.5 billion of state inflows and RMB 2,073.2 billion of investment gains. S3

Interesting facts

  • Lottery welfare money is its largest single funding stream: RMB 552.7 billion paid in to end 2025. S3
  • It became a participant in the Hong Kong central clearing system in 2006, ahead of its first overseas mandates. S9
  • Investment gains now make up more than 60 percent of the fund's equity, more than the state has paid in. S3

Mandate and goals

A strategic reserve built by the central government to supplement and balance social security spending, above all old-age pensions, at the peak of population ageing. S6 S1

  • Keep the fund safe and preserve and grow its value as the core duty. S6
  • Invest for the long term, with a value focus and responsible investing principles. S6
  • Support future social security spending and other social security needs from the central reserve. S1
  • Manage provincial basic pension money entrusted to the Council, reported separately. S10

How it invests

IndustriesTechnology, Industrials and manufacturing, Renewables and climate, Healthcare and life sciences, Financial services S8 S7
Asset classesFixed income, Public equities, Private equity, Cash and money markets, Strategic state holdings S1 S3
StagesPublic markets, Venture, Growth, Credit S3 S8
GeographyMainly domestic. Mainly China; overseas assets were 15.23 percent at end 2025, rising S3
Direct / through funds / co-investYes / Yes / Yes S3
Managed in house26.81 percent S3
Ticket sizeNo ticket size is published. S8
Deal sizes seenRMB 20B to RMB 50B first-phase size per provincial technology fund (2025)
External managers73 percent of assets are entrusted to outside managers chosen by tender; overseas mandates began in 2006 with firms including Allianz, Invesco and UBS S3 S12
Co-investment programmeCo-sponsors science and technology funds with provincial governments, bank-owned investment firms and provincial platforms S13

Asset mix: Entrusted to outside managers 73.19%, Direct investment 26.81% (as of 2026-09-02) S3

Published criteria

  • Allowed at home: deposits, government, financial and corporate bonds, securitised products, funds, shares, industrial investments and industry funds, and trusts. S1
  • Allowed abroad: deposits, government and supranational bonds, corporate bonds, money market products, shares, funds and approved derivatives. S1

Past investments

YearInvestmentTypeSectorStageAmount
2025NSSF Zhejiang science and technology fund. Launched in Hangzhou with the provincial government. S14 S8Joint venture or partnershipTechnologyVentureRMB 50B (first phase)
2025NSSF Jiangsu science and technology fund. Provincial partners include Suchuang Investment. S8 S13Joint venture or partnershipTechnologyVentureRMB 50B (first phase)
2025NSSF Fujian science and technology fund. Targets include AI, high-end manufacturing and new materials. S8Joint venture or partnershipTechnologyVentureRMB 20B (first phase)
2025NSSF Hubei science and technology fund. Targets include photonics, life sciences and new energy. S8Joint venture or partnershipTechnologyVentureRMB 20B (first phase)
2025NSSF Sichuan science and technology fund. Targets include the low-altitude economy and advanced manufacturing. S8Joint venture or partnershipTechnologyVentureRMB 20B (first phase)
2006First overseas equity and bond mandates. Hong Kong, US and global mandates to managers including Allianz, Invesco and UBS. S12Fund commitmentMulti-sectorPublic marketsNot published

Case studies

Provincial science and technology funds S8 S14 S13

  • What: Set up five funds with provincial governments and bank-owned investment firms to back technology companies.
  • When: 2025
  • Size: RMB 160B combined first phase
  • Why: The Council is directing more money to industry investment and technology innovation.
  • Outcome: Funds launched in Zhejiang, Jiangsu, Fujian, Hubei and Sichuan.

Going overseas in 2006 S9 S12 S15

  • What: Joined Hong Kong clearing, picked Citigroup and Northern Trust as custodians and awarded the first global mandates.
  • When: March to November 2006
  • Size: Not published
  • Why: To diversify the reserve beyond Chinese markets.
  • Outcome: Overseas assets reached RMB 580.0B, 15.23 percent of the fund, by end 2025.

Investment process

The Council invests under State Council rules, including interim measures for domestic and overseas investment that list the assets it may hold. It decides the split between direct holdings and mandates and selects outside managers and custodians by public tender. S1 S12

  1. Rules from the State Council and ministries set the assets the fund may hold at home and abroad. S1
  2. The Council sets the direct versus entrusted split and its domestic and overseas weights. S3
  3. Outside managers and custodians are picked through tenders posted on the Council's site. S12
  4. Results are published in an annual report, the 2025 edition eight months after year end. S3

How to approach: Asset managers and custodians respond to public tenders on the Council's website. There is no open intake for private investors or deal pitches. S2 S12

Size and returns

  • Headline size: RMB 3,808B (Total assets (balance sheet), as of 2025-12-31) S3 S5
  • In US dollars: about USD 544B. RMB 3,808.4 billion at the ECB rate of 7.001 yuan per US dollar on 31 December 2025.
  • Fund equity: RMB 3,346.6B (Net assets or equity, as of 2025-12-31) S3
  • Reference estimate, 2026: About USD 455B (Published estimate, as of 2026-08-09) S1
  • Return, 2025: 13.22 percent (RMB 390.7B investment gain) S6
  • Return, since 2000: 7.62 percent a year S3
  • Size over time (CNY billion): 2024 3,322.462, 2025 3,808.373 S3 S7

Leadership

NameTitleSince
Liu KunChairman and Party Group Secretary S42025-01-17

Governance and transparency

  • Legal basis: Decision of the Communist Party Central Committee and the State Council of 1 August 2000, plus interim investment measures for domestic and overseas investing S1
  • Oversight: Public institution under the Ministry of Finance S1
  • Departments include investment, equity management, finance and accounting, legal compliance, and information and research. S1
  • Publishes a separate annual report for the provincial pension money it manages. S10
  • Not a member of the IFSWF. S2

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, long-term returns, geographic or sector split, named leadership, regular reporting schedule. S3 S4 S6
  • Partly published: asset allocation, holdings or deal list, audited financial statements, governance and mandate documents. S2 S3 S7 S11

History

DateEvent
2000-08-01Fund and Council established. S1
2006-03Becomes a Hong Kong clearing participant. S9
2006-11First overseas mandates and custodians. S12 S15
2025-092024 return of 8.10 percent; assets RMB 3,322.5B. S7
2025-01-17Liu Kun named Party Group Secretary, then Chairman. S4 S16
2025Five provincial science and technology funds set up. S8
2026-09-012025 annual report: 13.22 percent return, RMB 3,808.4B of assets. S11 S3

For family offices

The NSSF does not run a programme for private investors. Outside firms work with it as tendered asset managers or custodians, or as partners in the provincial technology funds it co-sponsors. S12 S13

  • Asset managers can bid when the Council posts manager tenders. S12
  • Companies in AI, advanced manufacturing, new energy and life sciences may draw capital from the provincial technology funds. S8

Reports

Common questions

How big is China's National Social Security Fund?

RMB 3,808 billion of total assets at 31 December 2025, about USD 544 billion. S3 S5

What did the NSSF return in 2025?

13.22 percent, or RMB 390.7 billion. S6

What is its long-run return?

7.62 percent a year since 2000. S3

Who chairs the NSSF?

Liu Kun, since early 2025. S4

How much does it invest overseas?

15.23 percent of assets, RMB 580 billion, at end 2025. S3

All sovereign wealth funds in Asia · All pension reserve funds · All funds in China

Sources

  1. S1Wikipedia, National Council for Social Security Fund (revision of 9 August 2026)
  2. S2NSSF, About the Council (Chinese)
  3. S3Securities Times, NSSF annual report 2025 figures (Chinese)
  4. S4NSSF, leadership appointment notice (Chinese)
  5. S5ECB reference rate via Frankfurter, USD/CNY on 31 December 2025
  6. S6State Council Information Office, NSSF 2025 return
  7. S7NSSF, annual report 2024 (Chinese)
  8. S8Shanghai Securities News, NSSF science and technology funds (Chinese)
  9. S9HKEX, NSSF becomes a CCASS participant, March 2006
  10. S10NSSF, entrusted basic pension fund annual report (Chinese)
  11. S11CCTV Finance, NSSF 2025 annual report (Chinese)
  12. S12Reuters, first global mandates, November 2006
  13. S13ChinaVenture, Jiangsu NSSF fund partners (Chinese)
  14. S14China Economic Net, Zhejiang NSSF fund launch (Chinese)
  15. S15China Economic Review, overseas custodians selected
  16. S16The Paper, NSSF chairman update (Chinese)

Disclaimer

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