April 2024
05Apr

China’s Young People Are Giving Up on Saving for Retirement

China wants young people to put money away for retirement. Tao Swift, an unemployed 30-year-old, is not interested in hearing it. “Retire with a pension?” he asked. “I don’t hold much hope that I can definitely get my hands on it.” Mr. Tao, who lives in the southern city of Chengdu, is not alone in thinking this way. On social media forums and among friends, young people are questioning whether to save for old age. Some are opting out, citing the...

April 5, 2024
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March 2024
27Mar

Surge in China personal pension accounts, contributions lag

The number of personal pension fund accounts surged last year, but the scheme designed to shore up China’s pension system remained hamstrung by low contributions and a lack of investment, reports Caixin. More than 50 million people had set up personal pension accounts as of the end of last year, Zhai Yanli, director-general of the Social Insurance Management Center at the Ministry of Human Resources and Social Security, said Wednesday at an industry conference in Beijing. The number was up from...

March 27, 2024
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19Mar

Tutoring the Elderly Is Growing Fast in China

China's rapidly aging population is fueling a promising and fast-growing market for companies providing recreational classes and activities for the elderly middle class, from yoga to African drumming and smartphone photography. The growth potential of the industry contrasts sharply with the decline of the after-school private tutoring sector following a government crackdown in 2021 aimed at boosting record low birth rates by lowering education costs. "Education industries are transitioning to the silver economy," said Qiu Peilin, the Beijing head of Mama...

March 19, 2024
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11Mar

NPC deputy proposes implementing inclusive basic pensions for elderly aged 65 in China

A deputy to the National People's Congress (NPC) Zhou Jinbo proposed the implementation of an inclusive basic pension system in China for those aged 65 and above who are not currently receiving a pension, Chinese media outlet thepaper.cn reported on Monday. Zhou suggested establishing an inclusive basic pension system so that those elderly can receive a regular income to meet their basic living needs, and enjoy a dignified life in their twilight years and enhance their sense of achievement and...

March 11, 2024
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February 2024
27Feb

Does aging society mean economic slowdown in China?

As China is busy preparing for the annual two sessions of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC), some Western media have been enthusiastically hyping that the Chinese economy is collapsing. Is the Chinese economy going to fail? What opportunities have China's growth brought to the world? China Economy from a Global Perspective is a 10-part series analyzing the above questions. The fifth essay focuses on China's population growth. Wang Dan is chief...

February 27, 2024
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14Feb

China wants to build a ‘silver economy’ for its ageing society – but who will keep it running?

Homes for the elderly are businesses like any other. But when Yan Guizhen established her first care facility at the turn of the millennium, she was more interested in providing a necessary service than maximising profit. Yan, 53, now manages six facilities that employ around 100 carers, tending to more than one thousand beds in China’s eastern Shandong province. But her dream to keep those of the older generation safe and comfortable has run into several snags. With China’s population ageing fast,...

February 14, 2024
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January 2024
26Jan

China promotes full implementation of private pension system

China will promote the full implementation of a private pension mechanism that has already been introduced in 36 cities and regions, the Ministry of Human Resources and Social Security announced Wednesday. At a press conference held in Beijing, the ministry said the system has been running smoothly and "positive progress" has been made since its introduction in 2022, adding that more than 50 million people have opened accounts to participate in the mechanism. The mechanism allows Chinese citizens to contribute up...

January 26, 2024
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25Jan

Money managers divided over Chinese equities

Global money managers are split as to whether buy signals are flashing for China stocks right now, even as they agree the equity market does look cheap. The gap between Chinese company market capitalizations and the U.S. stock market was $42.5 trillion as of market close Jan. 23, based on Pensions & Investments' calculations using Bloomberg data. Bloomberg reported Jan. 23 that Chinese stocks have lost more than $6.3 trillion in value from a February 2021 peak, vs. a $5.3 trillion...

January 25, 2024
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22Jan

China. Revitalizing pensions and economy with innovative aging finance

Financial institutions actively manage the Basic Old-age Insurance Fund and the National Social Security Fund, adopting market-oriented, diversified, and specialized investment principles. This approach promotes appreciation in the first pillar of the pension system. These institutions not only handle the investment aspects of enterprise annuity schemes and occupational annuity schemes but also provide direct services to participants in processes such as account opening, migration, and withdrawal. This approach leads to continual expansion in coverage and fund growth in enterprise annuity...

January 22, 2024
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18Jan

They flocked to build China’s cities. Now builders are aging with little retirement

About 30 years ago, construction worker Song Aimin believed a lifetime of labor could earn him a spot among China's growing urban middle class. He left his village in the northern Hebei province and headed to Beijing. "Back then, all the people in the villages wanted to leave to go find work in the cities. Laboring in the cities meant that you always ate well — at least, better than you ate back home," says Song, now 64 years old....

January 18, 2024
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