China plans to increase the retirement age this year in order to ease the pressures brought about by a shrinking workforce and an aging society.
The country now has over 200 million people aged over 60, accounting for over 15% of its population, according to Li. As one of the main measures to address the problem, Li said China is working on a plan to lift the retirement age.
But will job opportunities for young people be affected by this change? Given that nearly 30% of every 10,000 job vacancies in China every year are a result of retirement. Li said there is limited overlap in positions held by the elderly and wanted by the young.
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