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Deposits rise at fund for housing
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TOTAL deposits of China’s housing provident fund hit 12.5 trillion yuan (US$3 trillion) by the end of last year, up 17.7 percent year on year, official data showed.
Annual deposits grew 13.1 percent year on year to 1.9 trillion yuan in 2017, marking a five-year straight double-digit growth, said a report released by the Ministry of Housing and Urban-rural Development, the Ministry of Finance and the People’s Bank of China.
By the end of 2017, the fund’s total balance was 5.2 trillion yuan, up 13.1 percent year on year, and the number of employers and employees contributing to the fund grew by 10.1 percent and 5.2 percent year on year, respectively.
The fund is a long-term housing savings plan made up of compulsory monthly deposits by both employers and employees. It can only be used by employees on house-related expenses.
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