The generation that flocked to China's cities at the end of last century, building the infrastructure and manning the factories that made the country the world's biggest exporter, now risks a sharp late-life drop in living standards.
Item 1 of 5 Cleaning worker Hu Dexi, 67, works at a shopping mall in Beijing, China April 10, 2024. REUTERS/Tingshu WangBEIJING/HONG KONG, May 8 - After three decades selling homemade buns on the streets of the Chinese city of Xian, 67-year-old Hu Dexi would have liked to slow down.
The generation that flocked to China's cities at the end of last century, building the infrastructure and manning the factories that made the country the world's biggest exporter, now risks a sharp late-life drop in living standards. China's latest statistics showed some 94 million working people - around 12.8% of China's 734 million labour force - were older than 60 in 2022, up from 8.8% in 2020.
"People have different views" on whether China can make that leap in productivity, the adviser said. "Mine is that it may be difficult if we do not reform further and remain at odds with the international community."Monthly urban pensions range from roughly 3,000 yuan in less-developed provinces to about 6,000 yuan in Beijing and Shanghai. Rural pensions, introduced nationwide in 2009, are meagre.
Other countries have tried to increase pension funding by lifting the retirement age. In China, it is among the lowest in the world at 60 for men and 50-55 for women depending on their line of work.Government concerns that the population would perceive raising the threshold as benefiting "vested interests" at the expense of ordinary citizens are holding up the implementation of those plans, the adviser said.
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