Pensions not only help senior citizens lead a decent life, but also can promote re-employment. Since pensions are important public goods, especially in an aging society, it is important to reduce the risks associated with them by, among other things, maintaining a substantial basic pension fund and further strengthening the pension system.

The pension reform, as part of the comprehensive reforms launched by President Xi Jinping, is aimed at improving people's well-being. The comprehensive reforms also show the central leadership, led by Xi, is committed to improving people's livelihoods.

Thanks to the pension reform, by the end of last year, China had in place an institutional old-age insurance framework covering 380 million employees nationwide, and a basic pension insurance system covering 500 million urban and rural residents.