China Urgently Needs a National Pension System
The problems in China’s pension system are widely known, but very difficult to solve. The central adjustment system for the basic pension funds for enterprise employees was established on July 1 last year and the system’s annual budget was recently made public. This is a step in the right direction. However, in order to thoroughly resolve the crisis in the pension system, national coordination is imperative. It is an inevitable requirement for the rational allocation of labor resources in...