January 2021

18Jan

China’s plan to ease the pension pressure

China's pension system has been continuously developed since its launch in 1951, with a focus mainly on public pensions. Through seven decades of development, China has made impressive strides in retirement payments, with a public pension coverage of almost 960 million people in 2019. However, the size of the pension in China is still relatively small, mainly due to a lack of a private pensions system that encompasses enterprise annuities, occupational annuities, and pensions for individuals. As it faces...

January 18, 2021
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15Jan

China’s demographic time bomb quickly ticking down

China’s declining demographics are gloomier than previously estimated, a life and death challenge for the world’s second-largest economy policymakers have so far failed to address. Preliminary provincial findings of a nationwide census now underway indicate that population growth in 2019 plunged to a 60-year low, despite Beijing’s move in 2016 to abandon its notorious “one-child” policy. The 14.65 million newborns recorded across China last year were a third lower than the annual average throughout the 1990s and 2000s...

January 15, 2021
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08Jan

China Pensions Outlook

By KPMG Welcome to KPMG’s fourth annual report tracking developments in China’s pension industry. China’s ageing demographics and the consequent challenges continued to draw attention during 2019 and triggered a number of fundamental changes. This report updates and builds on our research in China’s pension industry. In the report, we analyse why Pillar One will continue to be the most important and fastest- developing sector of the pension system in China. We also offer our view on what supporting...

January 8, 2021
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04Jan

China faces its biggest transformation to date

An ageing population, overreliance on investment and the shifting geopolitical landscape are key challenges as the Asian giant shifts gears, says David Dollar. China’s well-known story of spectacular growth, at around 10 per cent annually for 40 years, is coming to an end because of both domestic and global factors. In analysing China’s prospects for the next several decades, three particular challenges are striking: The shift from a labour-surplus to a labour-scarce society; the shift from investment to innovation as the...

January 4, 2021
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December 2020

18Dec

Study: Over 142 million people aged 60 years are unable to meet their basic daily needs

At least 14% of all people aged 60 years and over ̶ more than 142 million people ̶ are currently unable to meet all their basic daily needs according to the Baseline report for the Decade of Healthy Ageing, released by the World Health Organization today. Read also UN organizations launch new initiative to improve the lives of older people The Baseline report brings together data available for measuring healthy ageing, defined by WHO as "the...

December 18, 2020
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16Dec

UN organizations launch new initiative to improve the lives of older people

The United Nations General Assembly today declared 2021-2030 the Decade of Healthy Ageing. "Today's announcement of the UN Decade of Healthy Ageing sends a clear signal that it is only by working as one, within the United Nations system and with governments, civil society and the private sector, that we will be able to not only add years to life, but also life to years," said Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, in response to...

December 16, 2020
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11Dec

Latin America’s Lost Decades The Toll of Inequality in the Age of COVID-19

By Luis Alberto Moreno During the early days of the coronavirus pandemic, in March 2020, Guayaquil, Ecuador’s business capital of some three million people, was in trouble. By a twist of fate, more than 20,000 Ecuadorians had just returned home from their seasonal vacations. Many had come from Italy and Spain, two coronavirus hot spots, with the earliest and most deadly outbreaks of COVID-19. President Lenín Moreno understood that the threat was serious but opted, at first, not to close...

December 11, 2020
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10Dec

Aging China Must Work Longer and Invest Smarter

China is getting older. That means the Chinese people will have to work longer. But deeper reforms will also be necessary to ensure income growth doesn’t stagnate. Read also Asset management CEO arrested in Taiwan pension fund scandal The world’s most populous country has begun aging rapidly over the past decade, but the pace is going to pick up even more as tens of millions reach retirement age. The working population—people between the ages of 15 and 59—will drop by...

December 10, 2020
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08Dec

A silver lining for aging Asia

Many Asian economies will age more rapidly over the next several decades, including Hong Kong, Japan, mainland China, Singapore, South Korea, Taiwan and Thailand. Asia’s working-age population peaked in 2015 and will gradually decline at an accelerating rate in the coming decades. By 2050, the elderly population in these countries on average is expected to increase to 27% from 7% in 1995. Reduced labor supply creates a drag on growth, but this can be mitigated by higher labor participation,...

December 8, 2020
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03Dec

Why economics needs to wake up to ageing populations

Economics generally pays surprisingly little attention to demography, even though the ageing and shrinking of the population in so many parts of the world is a striking and new phenomenon in human history. Take Italy. Last year the country recorded the smallest annual number of births since the Risorgimento of the mid-19th century and nearly a third of its population is over 60. There has been an absolute decline in the number of people in Italy since 2015, even...

December 3, 2020
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