China’s New Personal Pension System Gets Lukewarm Response

More than 28 million people joined China’s new personal pension system as of the end of February, but far fewer actually put money into their accounts, showings a lack of enthusiasm in the emerging plans, a senior government official said.

The personal pension system has been operating smoothly since its inception in November, but the public’s understanding of it is insufficient, said Jia Jiang, deputy director of pension insurance at the Ministry of Human Resources and Social Security.