BEIJING, March 16 -- The Chinese government is capable of guaranteeing payment of benefits for pensioners, Premier Li Keqiang said Wednesday while meeting the press following the conclusion of the annual legislative session.

Li said provincial governments, under the current scheme, have both liability and ability to ensure the pensions payment after raising funds through multiple channels.

If provincial governments have done their best but do face difficulties, the central government is prepared to extend help, Li said.

The balance of nationwide pension insurance accounts was more than 3.4 trillion yuan (around 520 billion U.S. dollars) last year, while the government reserved a social security fund worth 1.6 trillion yuan, Li said.