CHINA - US's Cato Institute is to visit Beijing on November 8, 2001 to sponsor a forum on China's pension system. The forum, entitled ‘China's Pension System: Crisis and Challenge', will be cosponsored by the China Centre for Economic Research and will be attended by Cato's founder and president, Edward Crane, governor of the Bank of China, Lui Mingkang and US federal reserve chairman Alan Greenspan.
The Cato Institute said more and more countries are abandoning their traditional pay-as-you-go systems and allowing workers to invest their retirement funds in private capital markets.
“No discussion of social security reform around the world can exclude China,” it said. “The restructuring of state-owned enterprises is placing a further strain on the nation’s retirement system.”
The Third Plenary Session of the 14th Central Committee of the Communist Party of China called for the creation of a new retirement program integrating social pooling with individual accounts.” The Cato Institute said that China is struggling with the transition to this new market-based system.
The forum will aim to provide an overview of the need to reform China's retirement system and of the critical questions facing China's leaders
By Janet Du Chenne
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