Pension system needs pressure release plan

One of the most visible upsides of the country's remarkable growth is the graying of the population. Chinese people are living longer and healthier lives than ever before, which is good news for them. But as it is putting increasing strain on China's pension system, it is a headache for the government.

The prediction in a newly released Chinese Academy of Social Sciences report that the accumulated surplus of China's pension funds will possibly be used up by 2035 is no reason for alarm, but it does point to the urgency of overhauling China's pension system.

For the time being, according to the report, two working persons pay for the pension of one pensioner. However, by the year 2050, the authors predict that one working person will have to pay the equivalent of a pension and a bit. This is primarily due to the accelerating aging of the country's population. Now 249 million Chinese people are above 60 years old, accounting for 17.9 percent of the total population. By 2050, those above the age of 60 will make up more than 35 percent of the total population.