Social-security fund allowed to invest in local government bonds

China’s national social-security fund can now invest up to 20% of its portfolio in local-government debt and corporate bonds, an expansion from a 10% limit that included only corporate debt, The Wall Street Journal reported, citing a statement on the State Council’s website. With its population aging and a shrinking workforce, China has been trying to boost returns at the fund, which has historically confined investment largely to bonds, bank deposits, mutual funds and stocks. Other changes include permission to invest 10% of its portfolio in trust loans, up from 5%, and the ability to take direct stakes in private companies.