Agency says China to double pension fund

China plans to double the size of its national pension fund to more than 1 trillion yuan ($143 billion) and ensure that risk control remains its top priority, according to a notice on a government Web site.

The fund had a market value of 516.2 billion yuan ($73.7 billion) at the end of 2007, according to the statement on the site for the National Council for Social Security Funds, which was dated Friday. The fund's average rate of return between 2003 and 2007 was 10.7 percent, the statement said.

It also said the council plans to boost investments in finance, transportation and energy.

Former central bank head and Tianjin mayor Dai Xianglong was appointed to run the social security fund in January, as part of Beijing's efforts to improve the fund's investment returns.

The government stepped up audits over such funds following a scandal about misuse of pension funds in Shanghai that ended up toppling the city's Communist Party chief, Chen Liangyu. Chen was sentenced to 18 years in prison earlier this month.