Analyst and former governor of the Chinese central bank, Zhou Xiaochuan, admitted that China will soon face an aging society with a weak pension system. The only possible solution relies on retirees filling the gap on their own. The analyst says the real problem lies in the gigantic bureaucratic system that feeds on the entire populace.
In an economic forum on Feb. 25, Zhou, vice chairman of the Boao Forum for Asia and former governor of the People’s Bank of China, said that private pensions will likely play a role in the already limited pension pool as a massive number of workers are approaching retirement….