China's National Pension Fund Raises Offshore Holdings to $86 Billion Record
China's National Social Security Fund has increased its offshore assets to a record $86 billion, representing the highest level seen over the past three years.
The National Social Security Fund (NSSF) reported that its offshore investment holdings reached 580.02 billion yuan at the end of 2025. This figure accounts for a total of 15.23% of the fund's overall assets. The amount rose from 282 billion yuan in 2022 to 438 billion yuan in 2024 before hitting the current record. Offshore investments now make up 9.8% of the portfolio relative to earlier periods, a sharp increase driven by lower domestic interest rates that prompted the fund to seek higher yields abroad. The National Council for Social Security Fund released an annual report on Tuesday confirming these figures. Beijing continues to encourage mainland capital to invest in foreign markets through channels such as Hong Kong, where Pan Gongsheng of the People's Bank of China previously stated that the share of foreign-exchange reserves in Hong Kong would grow. Financial regulators have also implemented measures to assist mainland insurers with investments in Hong Kong exchange-traded funds. Industry analyst Kenny Tang Sing-hing noted that this diversification strategy aligns directly with national policy objectives.
