An elderly man fans himself during hot weather in Beijing. A strong cultural reliance on children rather than savings as well as lack of understanding about a convoluted system mean people are not saving enough for retirement. Photo: EPA-EFE

China faces US$540 billion pensions shortfall and must do more to educate population about retirement, say experts

  • Growing economic burden underlines necessity of individual, voluntary contributions
  • According to the UN, 35 per cent of China’s population will be aged over 60 by 2050
Topic |   China economy

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An elderly man fans himself during hot weather in Beijing. A strong cultural reliance on children rather than savings as well as lack of understanding about a convoluted system mean people are not saving enough for retirement. Photo: EPA-EFE
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