VOA Mandarin: China expands private pension system nationwide
China has fully rolled out its “private pension” system this week. According to the plan, each person can deposit no more than $1,600 every year to invest in financial products as a supplementary source of basic pension.
However, Chinese people interviewed by VOA bluntly said that this is a "Ponzi scheme" because China's economy is in a slump, and that the medical insurance and social security funds have long been in deficit.
Click here to see the full story in Mandarin.
However, Chinese people interviewed by VOA bluntly said that this is a "Ponzi scheme" because China's economy is in a slump, and that the medical insurance and social security funds have long been in deficit.
Click here to see the full story in Mandarin.