VOA Mandarin: China expands private pension system nationwide

China has fully rolled out its “private pension” system this week. According to the plan, each person can deposit no more than $1,600 every year to invest in financial products as a supplementary source of basic pension.


However, Chinese people interviewed by VOA bluntly said that this is a "Ponzi scheme" because China's economy is in a slump, and that the medical insurance and social security funds have long been in deficit.


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