Analysis: China slides faster into pensions black hole

Posted by admin | Posted in Politics | Posted on 30-09-2012-05-2008

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QINGHAI, LEDU COUNTY, China (Reuters) – Eighty-year-old Chinese farmer Guo Shuhe receives a state pension equivalent to just $9 a month, not enough to buy a month worth of groceries, but enough it seems, to risk punching a gaping hole in government finances. Guo, whose palms are thick and rough from a life spent hoeing fields in southwest China, is one of over 150 million people covered by a rapidly expanding rural retirement scheme which is accelerating the nation’s slide into a pension crisis. …

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