China's Brewing Pension Crisis

A rapidly aging population is stretching government budgets
A woman in a wheelchair at a memorial park in Shenyang in China's northeast Photograph by Q. Sakamaki/Redux

Sixty-nine-year-old Li Qingyuan has it pretty good. He and his wife live in a cozy apartment in Beijing. Since he retired in 2003 from a state-owned textile machinery factory, his pension has grown by about 10 percent a year, well above inflation. His monthly 2,800 yuan ($440) check is more than enough to get by. With the extra cash, he buys high-end cameras and lenses. “Our life is not bad at all after retirement. I am very satisfied,” he says.

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