China’s pension system is under stress and could potentially run out of money in a decade. Now it faces a new threat: tens of millions of mostly young workers who refuse to pay into it.
Humphrey, a 24-year-old tango instructor, and Gao Peng Cheng, a 22-year-old content creator, are among them. They say they’re pessimistic about China’s economic future and that their money could be put to better use.
Yet, China’s pension system needs that money. More than 20 million Chinese are expected to retire each year over the next decade. And most will be eligible to receive some sort of retirement benefit.
It’s part of the reason why, on Jan. 1, President Xi Jinping’s government officially raised the country’s retirement age for the first time in more than 40 years.
Sign up for the Next China newsletter to get our weekly dispatches from Beijing https://www.bloomberg.com/account/newsletters/next-china?utm_medium=social&utm_source=youtube&utm_campaign=originals&utm_content=newsletter
00:00 Introduction
01:10 China’s aging population
01:51 Pension system structure
04:00 Impact of one-child policy
05:43 Role of young people
07:47 Raise in retirement age
#China #Economy #Finance
——–
Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1
Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginals
Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it.
Subscribe for business news, but not as you’ve known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.
Visit our partner channel Bloomberg Quicktake for global news and insight in an instant.
source
