Professor of Social Science and Public Policy at the Hong Kong University of Science and Technology, Stuart Gietel-Basten, says reforms are needed at a policy level.
“In terms of social welfare and social security, more investment is going to be required in that area and particularly I think in reforming the pension system, not just the nature of the pension system, but in particular the retirement age and the pensionable age, which I think by international standards at the moment is quite low. That will be unpopular to do and it will be difficult to do that in a fair and equitable way but I think that’s something that really has to be done.”
China launched its private pension sector last year after four years of pilots and there are signs some reforms may be announced as soon as next month, during China’s National Party Congress.
But what is in the works is unclear.
Any reforms are likely to be unpopular – after recent cuts to medical benefits in some provinces video online showed hundreds of older people taking to the streets this month in the cities of Wuhan and Dalian to protest the moves.
Source: CNA
