World Bank warns of rapid aging risks

China has one of the most rapidly aging populations in the world, pushing the government to increase the retirement age and expand pension coverage, says a report released on Wednesday by the World Bank.

The graying of the population could shrink the number of working-age adults in the country by more than 10 percent by 2040, or a net loss of 90 million workers, according to the report, titled "Live Long and Prosper: Aging in East Asia and Pacific".

"China, as well as other developing middle-income countries in East Asia, are already aging quickly and face some of the most pressing challenges in managing aging," it said.