The former is the social insurance fund of various provinces and cities. The fund mainly comes from social insurance premiums paid by units and individuals and is managed by local governments. The investment channels are relatively simple, mainly depositing in banks and buying government bonds. At present, only a few social insurance funds in a few provinces and cities are entrusted to the National Social Security Fund Council for operation.

The latter is a national social security fund and a kind of national strategic reserve fund. The funds mainly come from the funds allocated by the reduction of state-owned shares and equity assets, as well as the funds allocated by the central government. It is managed by the National Social Security Fund Council, with various investment channels, and can also invest in stocks and funds.