China / Politics

China to unify rural, urban pension systems

(Xinhua) Updated: 2014-02-07 21:10

BEIJING - China will integrate the basic old-age insurance systems for rural and urban residents to allow people to have equal access to the pension scheme, according to an executive meeting of the State Council on Friday.

China's separate systems for rural residents and retired company employees in urban areas have basically included everyone in the country, according to the meeting.

China will integrate the two systems and build a unified pension system covering both urban and rural residents, said the meeting.

The meeting, presided over by Premier Li Keqiang, said the move will facilitate population movement and build stable expectations for livelihood improvement.

It will also boost consumption and encourage more business start-ups, said the meeting.

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