China population: state pension fund under pressure from ‘unprecedented challenge’ as nation gets older
This is the fifth in a series of stories about China’s once-a-decade census conducted in 2020. The world’s most populous nation released its national demographic data on Tuesday, and the figures will have far-reaching social policy and economic implications.
Zhao Baidong, a 28-year-old property agent in Beijing, would like to travel when he retires, but with China and its state pension system facing a “challenge unprecedented in human history” as its population gets older, he is concerned he might be forced down a different route for his golden years.
China’s once-in-a-decade census confirmed this week that its working age population is shrinking, and Zhao’s concerns are a reflection of many that their retirement needs will not be met by the state pension system, which is projected to face a financing shortfall within the next two decades as contributions from workers are outweighed by payouts to retirees.
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