National Council for Social Security Fund is a sovereign wealth fund of the Government Of People's Republic of China. It manages capital and equity assets derived from reduction of state-owned shares, fiscal allocation of the central government, and other investment proceeds. National Council for Social Security Fund invests in bank deposits, treasury bonds, and other financial instruments including marketable security investment funds, stocks, and securities such as corporate bonds and financial bonds. It also invests in private equity through external fund managers. It invests domestically and in emerging market economies and Europe.