April 2019

11Apr

China. Urban pension funds likely to run out by 2035: Chinese Academy of Social Sciences

Pension funds in China could run out before workers born in the 1980s retire, according to a report released by the Chinese Academy of Social Sciences on Wednesday. According to the report, pension funds for urban employees are expected to begin declining from a peak of 6.99 trillion ($1.04 trillion) yuan in 2027. By 2035, there is a possibility of exhausting the accumulated balances, before people born in the 80s retire, the report said. The report also noted that...

April 11, 2019
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05Apr

China to cut social security contributions

China will cut the share of enterprise contributions to urban workers' basic aged-care insurance from 20 to 16 percent starting May 1, the State Council announced Thursday. Cutting the rates for unemployment and work-related injury insurance will be extended to April 30, 2020, You Jun, vice-minister of human resources and social security, said at a State Council Information Office news conference. The new policies will cut aged-care insurance fees by more than 190 billion yuan ($28.3 billion) and unemployment...

April 5, 2019
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March 2019

29Mar

Why ageing China won’t overtake the US economy as the world’s biggest – now or in the future

In 2010, China replaced Japan as the world's second-largest economy. Many economists believe it is just a matter of time before China dethrones the United States as the world’s biggest economy – some have argued that it could happen before 2030. They have cited the history of other Asian economies as evidence to back the claim. The nominal per capita gross domestic product of China was just a sixth of America’s in 2018 – a level similar to...

March 29, 2019
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27Mar

First Joint Venture gets go ahead to develop pension insurance business in China

China has given permission to a joint venture (JV) to establish a pension insurance company in the country, making it the first JV that has gained access to this sector. The JV, Heng An Standard Life, was formed in 2003 and is 50-50 owned by Scotland-headquartered Standard Life Aberdeen and Tianjin TEDA International at the end of 2018. The new entity will be the country's first foreign-funded pension insurance company, the China Banking and Insurance Regulatory Commission said Wednesday...

March 27, 2019
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21Mar

How biomaterials will support China’s ageing population

Chunying Chen remembers the first nanomedicine conference held in China, which took place in 2015. “It was small. Just 500 people,” she says. “Three years later, it had almost tripled in size.” In the past decade, the chemist has also seen her budget for research into how to use nanomaterials to diagnose and treat malignant tumours triple. Her country is investing increasing amounts of money into materials research that relates to health care. Areas such as drug delivery, bone regeneration...

March 21, 2019
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20Mar

China. Gov’t raises basic pension of seniors

The government has increased basic aged-care pension by 5 percent for retired personnel, according to a news release by the Ministry of Human Resources and Social Security on Wednesday. The policy, effective Jan 1, is projected to benefit 118 million employees of companies, government departments and public institutions. According to the release, increasing the basic aged-care pension will help secure retired people a happier life against the backdrop of price hike and a sustainable pension insurance fund. Read more...

March 20, 2019
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19Mar

Canada’s Biggest Pension Fund Mulls Opening First China Office

Canada Pension Plan Investment Board, which manages around C$368.5 billion ($277 billion), is considering opening its first office in China as it seeks greater exposure to the world’s second-largest economy. Canada’s largest pension fund investor could open an office in Beijing as soon as next year, Hong Kong-based head of Asia Pacific Suyi Kim said in an interview this month. Staff there would then work closely with CPPIB’s 130 employees in Hong Kong, which have helped to invest C$42...

March 19, 2019
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08Mar

China’s pension funds sufficient: official

China's overall income of the pension funds is greater than the expenditure, and the operation of the fund is in good condition, the finance minister said Thursday. "Nationwide, China can ensure that the pension is paid on time and in full," Minister of Finance Liu Kun told a press conference on the sidelines of the annual legislative session. Last year, the income of the corporate pension funds was 3.6 trillion yuan (536 billion U.S. dollars), while total expenditure stood...

March 8, 2019
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04Mar

China’s social endowment insurance covers over 523 mln people

China's social endowment insurance for rural and urban residents has covered over 523 million people by the end of 2018, according to the Ministry of Human Resources and Social Security (MOHRSS). Over 49 million people in poverty have benefited from the insurance program directly, MOHRSS data showed. The unemployment insurance premium has allocated 1.82 billion yuan (about 272 million U.S. dollars) of living subsidies to 402,000 migrant workers who had lost their jobs, the ministry said. The social endowment...

March 4, 2019
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03Mar

Understanding the Spatial Disparities and Vulnerability of Population Aging in China

By Yang Cheng (Beijing Normal University (BNU)), Siyao Gao (Beijing Normal University (BNU)), Shuai Li (Beijing Normal University (BNU)), Yuchao Zhang (Independent), Mark Rosenberg (Queen's University) Understanding the regional pattern of population aging in China enables rational policy making to address the challenges of inequity in social welfare and care resources among the east–central–west regions and rural–urban areas of China. This study uses census data in 2000 and 2010, and aging population ratios, annual increase rates, and spatial auto-correlation analysis...

March 3, 2019
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