Exciting news! 🎉 China has just signed a bilateral social security agreement with Kyrgyzstan, paving the way for stronger economic and trade ties between the two nations.
The agreement, inked by Wang Xiaoping, China's Minister of Human Resources and Social Security, and Baktiyar Aliyev, Chairman of the Social Fund of Kyrgyzstan, took place in Beijing on Wednesday.
What does this mean? Employees of Chinese companies in Kyrgyzstan will be exempt from basic pension insurance contributions. In return, Kyrgyz companies and their employees will receive the same benefits as those in China. This mutual recognition simplifies processes and encourages more seamless exchanges between the two countries.
The deal is set to take effect once both parties complete their domestic legal procedures, marking a significant step forward in bilateral relations.
Since 2001, China has entered into similar social security agreements with 12 other countries, including Germany, South Korea, Canada, and Japan, all of which have seen positive outcomes. Currently, there are about 70 Chinese-funded enterprises operating in Kyrgyzstan, employing nearly 3,000 Chinese workers.
Stay tuned as this agreement unfolds and potentially opens up more opportunities for economic growth and cultural exchange between China and Kyrgyzstan! 🚀🌏
Reference(s):
China-Kyrgyzstan social security agreement to boost bilateral exchange
cgtn.com
