According to iFeng.com, the Tsinghua PBCSF Global Finance Forum was held on June 3-4 in Beijing. The theme of the forum was Economic Globalization and Financial Stability. At the forum, Zhou Yanli, the former Vice Chairman of the China Insurance Regulatory Commission (CIRC) gave a lunch presentation. During his delivery, Zhou disclosed that China faces a large shortage in its pension reserves amounting to eight to 10 trillion yuan (US$1.18 trillion to 1.47 trillion) over the next five to 10 years. At the same time, social security funding has a balance of over 2 trillion yuan (US$0.29 trillion) and also faces a large shortfall. Zhou proposed that, in addition to the funding that the Ministry of Finance provides and what business enterprises contribute, more effort is needed to expand investment in pension insurance as well as pushing growth in the social security fund in order to supplement the shortage in the pension fund. By the end of 2016, China had a population of 22.4 billion people who were over 60-years-old.
Source: ifeng.com, June 3, 2017
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