Number of elderly would put burden on pension system

BEIJING - China's rapidly aging population poses serious challenges to the introduction of an affordable comprehensive pension system, a top legislator said on Wednesday.

Li Jianguo, vice-chairman of the Standing Committee of the National People's Congress (NPC), said China's pension system has yet to expand its narrow coverage, deal with urban-rural and regional imbalances, and increase the level of pension payments, which is now 55 yuan ($8.61) a person a month.

Social security funds have registered deficits in some regions, because the number of retirees exceeds the number of laborers, Li said in a review report on the implementation of the law on the protection of senior citizens' rights.