Henan has seen rapid development in its economy over the past two decades, and it has expanded at an even faster rate than the national average of 10%. This rapid growth has transformed Henan from one of the poorest provinces to one that matches other central provinces, though still relatively impoverished on a national scale. Last year, Henan’s nominal GDP was 4.5 trillion RMB (US$670 billion), making it the fifth largest economy in China, although it ranks nineteenth in terms of GDP per capita. Its major industries being in chemicals, metallurgy, machinery and recently electronics.
An official delegation from Department of Human Resources and Social Security of Henan Province visited India and ICEC on 8th March, 2019 focusing on understanding India’s development in the domain of social security. The group was led by Mr. Zheng Zijian, Secretary of the Party committee of Social Security Bureau of Henan Province who was accompanied by the Directors of Social Security Bureau from the municipalities of Pingdingshan – Mr. Dong Hansheng, Nanyang – Mr. Wang Jibo and Zhoukou – Mr. Tu Caimin.
ICEC shared about India’s social security system and explained various schemes and programs spread throughout a variety of laws and regulations. It compared the social security system in India which includes not just an insurance payment of premiums into government funds, but also lump sum employer obligations with that of China for a better understanding. The types of social insurances, such as pension, health insurance and medical benefit, etc. were discussed and how they differed in both the countries.
Towards the end of the meeting, Mr. Zheng appreciated the efforts by ICEC and they looked forward to sharing of good practices in the social security and human resource management sector as India and China shared similar population size and demography.