Since China’s reform and opening to the outside world, especially since the mid-1990s, China's social security system has undergone a number of reforms and adjustments. We can say that the basic framework of social insurance system had been established, but it is still facing many difficulties...

Pensions refer to payment made to a person (or their dependants) after retirement. Pension systems vary across countries and no single model fits all. Generally, there is a mix of public and private pension provision. Public pensions are statutory, most often financed on a pay-as-you-go basis...