Business
14:45, 23-Jun-2017
China to ease pressure on pensions
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By CGTN's Hu Ying
China has an increasingly large aging population, with more than 150 million people aged over 65 years by the end of 2016. The number of elderly people may reach 18 percent of the country's total population by 2020.
It will bring heavy pressure to China's economic development because of the large disbursements to pensioners.
The State Council Information Office announced a new policy to deal with the issue on Friday. Huang Hong, vice-chairman of China Insurance Regulatory Commission, at the news conference urged an increase of commercial endorsement insurance.
Huang said that development was an important aspect of a well-formed endosement insurance system. He also said that Chinese citizens' increased spending abilities was the foundation of the new policy.
The policy came as the Chinese government can better protect people’s rights and control risks, said Huang, adding those factors showed that China is in a stronger position to implement a move to develop commercial insurance.
However, Huang admitted that China still needs to improve actuarial techniques.
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