Unifying pension system a monumental breakthrough-China-Gold Brand Consulting

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China

Unifying pension system a monumental breakthrough 2014-02-10 17:38:59 Release　Author：　Read Flow：3927次

A State Council meeting presided over by Premier Li Keqiang pledged Friday to create aunified pension system for residents in both rural and urban areas. This decision, involvingthe interests of almost all Chinese citizens, is of great significance and a pleasant surprisefor China's 700 million farmers in the Year of the Horse.

Rural-urban disparities have caused great unfairness in China in recent years, amongwhich the dual structure of the pension system is most questioned. A unified pensionsystem is likely to have immediate effects in narrowing the rural-urban gap and will proveto be a monumental breakthrough in China's social development.

Reform in China started in the countryside and swept across the country, but caused ruralareas to lag behind urban ones. Despite the growing prosperity of a few villages in thedeveloped southeast region, the issues of agriculture, rural areas and farmers are stillmajor challenges on the path to modernization.

The government needs to play a key role in propelling rural development and achievingrevolutionary progress in social fairness which cannot be secured by the countryside itself.Through unifying the rural and urban pension systems, the government is showingresolution in assuming its due responsibilities.

Wealth accumulated in the process of reform and opening-up provides the foundation forrevamping the pension system. Nonetheless, it doesn't mean China is rich enough toimmediately eradicate rural-urban differences. A unified pension system, acting as acatalyst for urbanization, will aid migrant workers becoming urban residents. Its final goalis to clear the way to eliminate the gap between cities and the countryside.

However, it's impossible for the government to fully cover pension payouts. We have todiversify the sources of pension funding through stimulating rural economic growth,resolving employment of rural surplus labor and increasing opportunities for ruralindividuals to get rich. This is the only sustainable way that farmers can enjoy equalpensions with urban residents.

The decision to unify the pension systems demonstrates that China is making great stridesin narrowing the social gap. There is no sharp confrontation over this reform since thewhole society from top down is expecting the country to quicken its steps in creating anequal community. China needs to dwell on how to carry out the reform well [visa].

Pointing out inequalities is necessary, while at a time when the country is striving to bridgethe gaps in society, we call on everyone to remain sober. China's livelihood construction isgrowing by leaps and bounds amid a period when the country witnesses most publiccomplaints ever. The country needs positive energy to stimulate progress.

Unifying the pension system is a historical event. We wish China good luck and its immensegroup of farmers a better future.

Gold Brand Management Consulting Co.,Ltd.; Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting,China company registration, Foreign Company Registration,due diligence and financial review services to multinationals investing in emerging Asia.For further details or to contact the firm, please email gbd33@163.com, visit www.chinagbd.com,tel +86 20 61133120, or 020 61133120.

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Unifying pension system a monumental breakthrough