BEIJING -- Total assets managed by China's National Council for Social Security Fund hit nearly 1.11 trillion yuan ($179.6 billion) by the end of 2012, the council said on Thursday.

The fund's annual earnings rate stood at 7.01 percent last year, higher than 0.84 percent in 2011 and 4.23 percent in 2010. However, it was lower than the average annual earnings rate of 8.29 percent at the end of 2012.

The fund is designed to help ease the country's aging problem and as a reserve to support future social security expenditures.