Theme:

Aging in China: Perspectives on the Pension System

Professor:

Associate Prof. CHEN Kai

Peking University

Date: 4 November 2021 (Thursday)

Time: 19:00-20:30 (UTC+8)

Summary:

Prof. Chen first introduces the current situation and challenges of China’s aging society, the pension system in China as well as its future development under the aging situation.

Prof. Chen stresses that an aging society is a very important issue to China. Statistics show that compared to other countries and regions, the aging society in China is much sooner, faster, and lasts longer. Differences exist between the urban and rural areas of China, its provinces, genders, as well as families. In short, the aging society poses a great challenge on the traditional pension model. Efforts are required to develop a multi-layer pension system for China.

The second half of the lecture focuses on the pension system in China. The multi-layer pension system puts forward greater requirements for “Aging Finance”. It should be noted that its main purpose is for “Retirement Security” instead of “Financial Development”. An ideal pension system in China should include three layers, namely, Social Insurance (1^st layer), Occupational Pension (2^nd layer), and Private Individual Pension (3^rd layer). Prof. Chen then illustrates the progress and problems in constructing a three-layer pension system in detail.

In the final part of the lecture, Prof. Chen introduces the opportunities and challenges in developing China’s pension system under the aging situation from the perspectives of pension policy, pension market, and asset management business.

( written by program student Ms. WEI Fang)

*The views and opinions expressed in this lecture series are those of the guest lecturers. They do not purport to reflect the opinions or views of the AUA or its members or its Secretariat.