THE government aimed to double the size of the country’s pension fund to more than 1 trillion yuan by 2010 and maintain the fund’s annual rate of return above the rate of inflation, the National Council for Social Security Fund said on its Web site yesterday.

The fund had a market value of 516.2 billion yuan (US$73.74 billion) at the end of 2007, according to the statement. It said the fund’s average rate of return between 2003 and 2007 was 10.7 percent.

The council would increase the fund’s investment in finance, transportation and energy sectors, the statement said.

Risk control remained the fund’s top priority, the statement said, adding the fund aims to strengthen its operations, increase profitability and expand its investment scope.

The government planned to designate 276.2 billion yuan for the fund, 45.8 billion yuan more than last year, domestic media reported yesterday.

Former central bank head and Tianjin mayor Dai Xianglong was appointed to run the social security fund in January, as part of the government’s efforts to improve the fund’s investment returns.

(SD-Agencies)