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October 2024

29Oct

China. Beijing unveils policies for strengthening financial services

China's capital city Beijing has announced a series of policy initiatives for five key financial areas: tech finance, green finance, inclusive finance, pension finance, and digital finance. These initiatives aim to bolster the capital's new quality productive forces and foster high-quality development in each sector. The guidelines for advancing inclusive finance in Beijing encourage banks to increase lending to small and micro enterprises, focusing on first-time loans, renewals, credit loans, and long-term financing options. The document also promotes developing insurance...

October 29, 2024
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25Oct

Well-Being of Older People in East Asia: The People’s Republic of China, Japan, and the Republic of Korea

By Hidehiko Ichimura, Xiaoyan Lei, Chulhee Lee, Jinkook Lee, Albert Park, & Yasuyuki Sawada East Asia is undergoing a rapid demographic transition and “super” aging. As a result of steadily decreasing fertility and increasing life expectancy, older people’s proportion of the population and the old-age dependency ratio is rising across all countries in East Asia, particularly in the People’s Republic of China (PRC), Japan, and the Republic of Korea (ROK). In this paper, we empirically investigate the well-being of older...

October 25, 2024
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14Oct

Deep Dive: China raises retirement ages as birth rate drops and ageing population grows

Deep Dive delves into hot issues in Hong Kong and mainland China. Our easy-to-read articles provide context to grasp what’s happening, while our questions help you craft informed responses. Check sample answers at the end of the page. News: China raises retirement age as it battles economic slump Country’s top legislative body announced the move as a way to deal with its ageing population of workers More people are set to retire than to enter the workforce, putting China’s pension...

October 14, 2024
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07Oct

China sovereign wealth fund registers benchmark-beating return

China Investment Corporation (CIC) delivered a benchmark-beating return in 2023 on the back of putting greater emphasis on private assets such as private credits and green energy investments. CIC posted 6.57% of ten-year annualised net return as of year-end 2023, outperforming its long-term performance benchmark by 31 basis points, the sovereign wealth fund says in its annual report. The fund’s cumulative annualised net return was 6.23% since its inception in 2007. CIC says the global macroeconomic paradigm shift continued to evolve in...

October 7, 2024
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04Oct

China: Gradual increase to statutory retirement age

Employer Action Code: Act The government has approved legislation to increase the social security statutory retirement age by three to five years gradually over a 15-year period starting January 1, 2025. Key details Over the 15-year period starting January 1, 2025, normal retirement age (NRA) will gradually increase: From age 60 to 63 for men From age 55 to 58 for women in salaried positions From age 50 to 55 for women factory workers These are the first increases to NRA since the...

October 4, 2024
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04Oct

Fidelity International says fund sales surged on interest rate cuts, China market rally

Lower interest rates and a rally in China stocks have helped drive sales of investment fund products offered by Fidelity International, a senior executive said. “Following [the People’s Bank of China’s] stimulus package, China’s stock markets have been performing strongly, and we believe there is some room to grow,” said Charlotte Chan, the head of Fidelity’s Hong Kong office, in an interview. “Together with the Fed’s rate cutting cycle, this motivates investors to look at their allocations, especially those who...

October 4, 2024
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September 2024

24Sep

China’s retirement age reforms not enough to fix pension headache

China's move to raise retirement ages is a starting point to plug gaping pension deficits and bolster a shrinking workforce but more pain lies ahead as the economy slows, making further reforms urgent, say economists and demographers. Aging populations are a global phenomenon, but the issue is particularly stark in China due to the legacy of its one-child-policy, which was in place for three decades and has exacerbated its demographic challenges. China’s number of births dropped to 9 million last year and the...

September 24, 2024
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20Sep

When the Abundance Ends: Economic Transformation, Population Aging, and Shrinking Lifecycle Surplus in China

By Feng Wang, Ke Shen & Yong Cai China’s age of abundance, driven by rapid increases in labor income and a favorable population age profile, led to a sizable surplus at the society level. Using the National Transfer Accounts (NTA) approach, this study updates results published in this journal a decade ago. It traces changes in labor income and consumption patterns in China in the 2010s, and compares them with those in the decade prior. Our results report significant shifts...

September 20, 2024
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18Sep

Why China’s decision to extend the retirement age will not address fairness and sustainability issues

For many working Chinese, particularly those born in the 1980s and 1990s, Beijing’s decision to raise the retirement age by three years brings a sense of loss and betrayal. It means they have to work longer and pay more to get less from a major social contract. An internet meme that went viral reflected Chinese millennials’ frustration over the government’s flip-flop in birth and pension policies: “When I was born they said there were too many; when I gave birth...

September 18, 2024
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11Sep

China. Lawmakers review plan to raise retirement age in fast-greying China

China's top legislative body this week assessed an official plan to delay the country's retirement age, among the world's lowest, taking a key step towards changing decades-old labour laws and easing economic pressures stemming from a shrinking workforce. The ruling Communist Party said in July that China would gradually raise the country's retirement age. The retirement age is now 60 for men, about six years below that in most developed economies, while for women in white-collar work it is 55, and 50...

September 11, 2024
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