China 2019 put the current labor force deficit existing pension system under pressure

Recently, the Allianz Group released the third issue of this year's demographic change report, by 2020, the global pension market is still expected to grow by 66%, an average annual growth rate of 4.7%, the total pension assets are expected to increase from the current 22 trillion euros to 36 trillion euros.　　Among them, emerging markets in Asia and China and Eastern Europe have the fastest growth in pension assets, the Chinese pension assets are expected to reach 1.2 trillion euros in 2020 (about 10 trillion yuan), the annual compound growth rate of 20%, far beyond the global average growth. According to the report, pension assets in the global market distribution gap, the United States accounted for a majority of the global 22 trillion euros in pension assets last year, 50.5%, followed by the UK accounted for 11.5%, Western Europe, the total assets of more than 20%, Australia and Japan accounted for 3%, Asia's emerging markets and Middle Eastern European markets, respectively, accounted for a small share of 1.8% and 0.4%.　　By 2020, the global pension market will dominate, despite a 3.6% annual compound growth rate of US pension assets. With the global spread of aging population, will be a general impact on the existing pension system in countries, especially in Asia emerging markets face severe challenges, according to the Allianz Group forecast, the Asian traditional high fertility rate with the industrialization and urbanization process began to decline rapidly, including Hong Kong, Singapore, Emerging markets such as South Korea and Taiwan are rapidly ageing and will be among the world's highest proportion of older people by 2050. In 2019, China will have a labour-force deficit, and from the traditional Asian pension model, the main income after retirement comes from the family supply.　　Despite the rapid growth of pension assets in the region, Asia's emerging markets still account for around 6% of global pensions by 2020. Allianz Group said that the global aging of the existing pension system pressure, the best social pension system is a sustainable public pension spending and strong corporate and personal spending combined, "public-private integration" to better spread the risk.