China's pension system covered 484 million people at the end of 2012, according to figures revealed by the Ministry of Human Resources and Social Security on February 27.

Vice Minister Hu Xiaoyi said at a national conference on social insurance funding that 304 million urban Chinese were covered by the pension system, 50.9 percent higher than the number registered in 2007.

Gross revenues for social insurance funds totaled 2.85 trillion yuan ($458 billion) and gross expenditures reached 2.21 trillion yuan ($355 billion) last year, respectively 2.63 times and 2.8 times those of five years ago.

Basic endowment insurance per capita has increased 86 percent compared with five years ago, Hu said.