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China to Form Unified Pension System to Boost Social Mobility

China will combine its urban and rural pension insurance systems to promote social mobility without concerns of loss of retirement income.

A unified pension system will help consumption, according to a statement posted on the central government’s website after a State Council meeting today led by Premier Li Keqiang.

The Chinese government is shifting focus to providing higher-quality public services and simplifying bureaucracy to stabilize economic growth and create more jobs. The world’s second-largest economy is forecast to expand by 7.4 percent this year, the slowest pace since 1990, according to the median estimate in a Bloomberg News survey.

China’s Communist Party leadership on Nov. 15 detailed changes including easing the one-child policy and scrapping aspects of the household registration system, or hukou, that impeded migration between villages and cities. The government is also ending a freeze on stock listings and seeking to curb pollution.

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