China Pension Fund Reaches 3.52 Trillion Yuan with 5.76% Return in 2025

China's basic pension insurance fund recorded solid investment performance in 2025, according to an annual report released on August 1 by the National Council for Social Security Fund (NCSSF). Total assets managed under the pension fund reached 3.52 trillion yuan by the end of 2025. Local pension funds achieved an annual investment yield of 5.76%, generating 142.071 billion yuan in investment income. Since entrusted operations began in December 2016, local pension funds have generated cumulative gains of 554.430 billion yuan, reflecting an average annual yield of 5.14%.

As the foundational pillar of China's social security network, the basic pension fund's investment performance directly impacts the long-term sustainability of pension payouts amidst demographic aging.

China's basic pension insurance fund achieved solid investment performance in 2025 as total managed assets expanded to 3.52 trillion yuan, according to an annual report released on August 1 by the National Council for Social Security Fund (NCSSF) and reported by Xinhua. By the end of 2025, total pension fund assets managed by the council reached 3,520.699 billion yuan, with total fund equity standing at 2,981.861 billion yuan. Within total equity, entrusted investments managed by external managers accounted for the largest share at 2,143.751 billion yuan, while direct investments totaled 838.110 billion yuan. The basic pension fund architecture managed by the council is divided into local pension funds entrusted by provincial governments and a dedicated risk fund. Local pension funds form the vast majority of the portfolio, accounting for 3,504.661 billion yuan in total assets and 2,968.584 billion yuan in equity at year-end. The risk fund held 16.513 billion yuan in assets and 13.277 billion yuan in equity. In terms of investment performance, local pension funds generated 142.071 billion yuan in investment income in 2025, representing an annual investment yield of 5.76%. Since December 2016, when the NCSSF officially assumed entrusted management of local pension funds, cumulative investment returns have reached 554.430 billion yuan, achieving an average annual return rate of 5.14%. Meanwhile, the smaller risk fund earned 247 million yuan in investment income in 2025, achieving a return rate of 2.05%. An official from the NCSSF noted that throughout 2025, the council adhered to its core investment guidelines of 'long-term, value, and responsible investment.' The council active optimized asset allocation strategies and maintained risk controls to fulfill its primary responsibility of preserving fund safety while achieving steady capital appreciation under state directives.