Judged from the data from the National Population and Family Planning Commission of China and the UN, and the retirement age of 60 in China, the GDP spent on supporting China's elders will be 280 percent of the current level in 2050, according to Gao Xiqing, deputy director of National Council for Social Security Fund.

Gao believes that China will face a faster and more penetrating aging process in the near future. In 2000, the percentage of population above 65 years old was of the same level in the world, and about 50 percent of the figure in developed countries. However, by 2050, China will approach the developed countries in this aspect.

"Nowadays, we are building a nationwide partly accumulated social insurance system based on the monthly fees paid by urban employees, and China has set up a national social security fund already, its market value being 320 billion yuan, but still far from enough," said Gao.

(Chinanews.cn April 25, 2007)