Chinese Premier Li Keqiang said Tuesday that pensions must be paid timely and in full, and China will continue to set up and reform systems to ensure the delivery of adequate support to the aging population.

Li made the remarks at a press conference after the conclusion of the annual session of China's national legislature.

While China's aging population is facing a rapid increase, it is reported last year that there is a lack of quality and inexpensive old-age care in certain Chinese provinces, which has raised concerns about China's current pension payout scheme.

Li pointed out that China will be able to have the ability to ensure that pension benefits will be paid on time and in full. He also noted that the balance of China's pension fund now stands at 4.1 trillion yuan, and there is also 1.8 trillion yuan of social security funds as a strategic reserve.

More importantly, China will continue to pursue reform on the pension payments. "This year, we plan to establish a central system for pension funds to be used inter-provincially," Premier Li introduced that each province will contribute 3 percent of their funds as to fill the shortfalls that some other provinces may suffer. In addition, China will also use some state-owned assets to replenish the social security funds.

"We should never see senior people as a liability. I'm thinking that retirement life can also offer a tremendous business opportunity as well as an important industry," Li said, adding that the government will never shrink its responsibility in extending adequate elderly support.