China’s social insurance program is not aging well.
The trade war with U.S. and the coronavirus pandemic forced the government to repeatedly offer generous stimulus to ease Chinese companies’ burden of social welfare contributions.
But this led to a smaller pension pot. Social security expenditures for fiscal 2020 are set to exceed revenues for the first time since 1998, creating red ink.
This comes at a particularly unfortunate time for the country’s social safety net as a large chunk of China’s own baby boom generation reaches retirement age in 2022. READ MORE (CACHED ARTICLE)
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