Pension system to face huge gap

By Chen Boyuan
0 Comment(s)Print E-mail, June 14, 2012
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A research report headed by senior economists in China has predicted a huge gap will occur in China's pension system as early as 2013, Economic Information Daily reported.

A report entitled "Resolving Mid- and Long-term Risks in National Balance," co-sponsored by Bank of China and Deutsche Bank said the gap will be 18.3 trillion yuan next year, and that gap will keep widening to demand more than 20 percent of fiscal expenditures by 2050.

Meanwhile, statistics from the Ministry of Human Resources and Social Security did not show any fund gap in the pension system on a nationwide scale, and a long term balance is expected.

But both allegations admit the aging population will exert pressure on the pension system, demanding more subsidy from the state revenue as the situation worsens. Raising the retirement has been a frequently debated topic in solving the problem.

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