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After laying the groundwork for more than a decade, China has announced it will set up a unified national pension system before 2025.
The decision was unveiled in a document released by the Central Committee of the Communist Party of China late last year, as policymakers addressed challenges posed by a rapidly graying population.
The document makes wide-ranging proposals for China s development priorities for the 14th Five-Year Plan (2021-25) period and beyond, with details set to be ironed out at the two sessions-the annual meetings of the country s top legislature and top political advisory body-which start next week.
In a section of the document on creating a stronger safety net, the CPC Central Committee said China needs to achieve national unification of basic old-age insurance.