China has been improving its social insurance system to better support the development of the country.

The balance of the three social insurance funds for basic pension, unemployment and employment injury stood at 7.18 trillion yuan (about 1.09 trillion U.S. dollars) at the end of March, said Lu Aihong, spokesperson of the Ministry of Human Resources and Social Security, at a press conference on Wednesday.

The number of participants in the basic pension, unemployment and employment injury insurance schemes was 1.03 billion, 230 million and 280 million, respectively, Lu said.

By 2025, China's basic pension insurance coverage will reach 95 percent, according to a five-year plan released by the ministry last year.