BEIJING -- China's social insurance program is not aging well.
The trade war with U.S. and the coronavirus pandemic forced the government to repeatedly offer generous stimulus to ease Chinese companies' burden of social welfare contributions.
Economy
Trade war drains China's social security system
Efforts to lower the corporate burden ended up shrinking the pension pot
An elderly woman walks in Shanghai. China's social security expenditures for fiscal 2020 are set to exceed revenues for the first time since 1998. (Photo by Ken Kobayashi)
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