China Premier Pledges Social Security Reforms as Pension Shortfall Warning Issued

Chinese Premier Li Qiang called for reforms to make the country’s social security system fairer and more sustainable as demographic shifts, technological change and flexible employment increase pressure on it. He urged wider coverage for nontraditional workers, expanded workplace pensions, more attractive personal retirement savings and support for commercial health and long-term-care insurance; a former banking official separately warned that China’s pension system could face a funding shortfall within 20 years.