The urban worker pension fund, the backbone of the country’s state pension system, held a reserve of 4.8 trillion yuan (US$714 billion) at the end of 2018. It is predicted to peak at 7 trillion yuan in 2027, then drop steadily to zero by 2035. Photo: Xinhua

China’s state pension fund to run dry by 2035 as workforce shrinks due to effects of one-child policy, says study

  • The urban worker pension fund, the backbone of the country’s state pension system, is under threat, warns the Chinese Academy of Social Sciences
  • Number of citizens exceeding the normal retirement age reached 249 million at the end of 2018, some 18 per cent of the total population
Topic |   China economy

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The urban worker pension fund, the backbone of the country’s state pension system, held a reserve of 4.8 trillion yuan (US$714 billion) at the end of 2018. It is predicted to peak at 7 trillion yuan in 2027, then drop steadily to zero by 2035. Photo: Xinhua
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Premiums collected from mainland Chinese visitors made up 30 per cent of Hong Kong’s annual total for personal insurance in 2018, almost double the level in 2015, according to figures from Hong Kong Insurance Authority. Photo: Sam Tsang

China’s middle class still seeking protection in Hong Kong’s insurance market despite forex crackdown

  • Premiums collected from mainland Chinese visitors made up 30 per cent of Hong Kong’s annual total for personal insurance in 2018
  • Beijing only allows a US$50,000 foreign exchange per year, while UnionPay has blocked citizens from buying insurance investment products in Hong Kong
Topic |   China economy

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Premiums collected from mainland Chinese visitors made up 30 per cent of Hong Kong’s annual total for personal insurance in 2018, almost double the level in 2015, according to figures from Hong Kong Insurance Authority. Photo: Sam Tsang
READ FULL ARTICLE