New insurance plan to realize full coverage in 2012

Beijing (CNS) -- The nationwide rural and urban residential endowment insurance plan will be launched on July 1 and extend full coverage to subscribers by the end of the year, according to a meeting held conjointly by the Ministry of Human Resources and Social Security (MHRSS) and the Finance Ministry, on Monday.

China will enfold 100 million rural and urban residents into the insurance plan within the year, said Deputy Minister Hu Xiaoyi at MHRSS.

By the end of March, about 376 million residents had been part of the pilot phase in 1,914 rural towns, 1,902 urban zones, four municipalities, and the Xinjiang production and construction corps. Some 107 million of them had reached the pensionable age.