BEIJING -- China's pension reserves have fallen below a key government threshold in a majority of provinces, as growing deficits from a rapidly aging population threaten the system's long-term viability.
China has two main pension schemes that together cover 1 billion people. One is compulsory for urban employees and public servants, while the second serves other urban residents and the rural population. The urban employee pension system, the far larger of the two, received 16% less income in 2020 than the year before.
