China’s Ministry of Finance will transfer around 115 billion yuan ($16.1 billion) worth of shares it holds at two state-owned banks to the national social security fund in the government’s latest effort to stem a looming pension shortfall.

Both Industrial and Commercial Bank of China and Agricultural Bank of China issued statements on Wednesday saying that the finance ministry will transfer 10% of its shares in each entity to the National Council for Social Security Fund, the government body charged with making up for pension shortfalls.

The move is another message that authorities are accelerating top-ups to the country’s pension system. Last week, the government ordered state-owned enterprises (SOEs) to stop dragging their feet on mandated equity transfers to the social security fund, which were launched by the State Council in 2017 and aim to shrink the gap between the revenue and expenditure of China’s pension funds as the country’s population rapidly ages.

Read the full story on Caixin Global later today.

Contact Reporter Guo Yingzhe (yingzheguo@caixin.com)

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