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China looks to private pensions to solve aging workforce puzzle

Retirement scheme could meet funding shortfalls in country's public system

HONG KONG -- China has launched its first private pension scheme to plug yawning holes in its publicly funded system as the country grapples with the soaring costs of a rapidly aging society.

The scheme is initially being rolled out in three dozen cities, including Beijing, Shanghai, Shenzhen and Chongqing. Residents can invest in mutual funds and other approved offerings.

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