China's private sector has so far invested more than 5 trillion yuan (about 705 billion U.S. dollars) in infrastructure and other major projects in 2024, according to the latest data from the National Development and Reform Commission (NDRC).
This year, China has introduced a series of policies to encourage private investment in major projects, especially in railways and nuclear power plants or stations. These measures include promoting projects to private investors, building a national database of key projects, supporting private investment project to issue real estate investment trusts (REITs) in the infrastructure sector and establishing new mechanisms to facilitate collaboration between the the government and private investors.
Since the start of 2024, China has seen 3,556 private-funded projects with a total investment of 5.08 trillion yuan (about 716 billion U.S. dollars). Among them, 1,527 projects have been regularly promoted by the government, attracting 1.26 trillion yuan (about 177 billion U.S. dollars) in investment across 12 sectors, such as manufacturing and urban infrastructure.
"Based on regular promotion efforts, we have compiled a list of 400 key projects in eight major areas, such as transportation, water conservancy, and energy, to introduce and promote to private investors. These projects require a total investment of 815.9 billion yuan (about 115 billion U.S. dollars). Successfully promoted projects will be prioritized for the list of national key private-funded projects," said Zhao Chengfeng, deputy director of Department of Fixed Asset Investment, NDRC.
Currently, a total of 189 projects have been included in the private investment list. To support these projects, China has established a working mechanism to promote private investment funds and provided support for key projects in land use, sea use and financing.
China's private investment in major projects surpasses 5 trillion yuan in 2024
Many Singaporeans support raising the re-employment age, partly to stay busy and active in retirement, and to help address demographic challenges in the workforce.
Like many other Asian countries, Singapore is grappling with a rapidly aging population. The government predicts that by 2030, one in four Singaporeans will be aged 65 or older, up from one in 10 two decades ago.
A survey on retirement and employment conducted last year in the country found broad support for raising the national retirement age, with about 88 percent of those aged 50 and above in favor.
Some supported increasing the retirement age because continuing to do what they love, rather than retiring, keeps them feeling youthful and fulfilled.
When Nancy Hor, a retired IT operations manager, left her job five years ago, she wasn't sure how to fill her time.
"I'm a workaholic. At the very first stage after I retired, I felt I could not find balance," she said.
Hor, now 70, said it took her some time to adjust. In her spare time, she stays busy line dancing and spending time with her family.
But she said that if she had had the choice, she would have liked to stay employed a little longer.
"I think it's good for the elderly that even they have some job to do, and keep them busy," said Hor.
In March, authorities announced plans to raise the retirement age to 64 and the re-employment age to 69 by 2026.
Singapore's Minister of State for Manpower, Gan Siow Huang, said the changes to the rules protect senior workers from dismissal due to age-related issues before they reach the statutory retirement age. Employers are also required to offer re-employment to eligible workers until they reach the statutory re-employment age limit.
This follows a similar move made two years ago to raise the retirement and re-employment ages to 63 and 68, respectively. The city-state is also aiming for a retirement age of 65 and a re-employment age of 70 by 2030.
"That is to reduce the impact on businesses, so it gives time for businesses to adapt their policy. This gradual increase in retirement age basically provides a framework for individuals like myself, who want to continue to be gainfully employed," said Patrick Chang, a retirement planning specialist and the author of the A to Z guide to retirement planning.
Chang said that businesses will need to make adjustments to accommodate the changes, including offering retraining for senior workers.
He noted that the changes won't impact those who still wish to retire earlier, but given Singapore's demographic challenges, the country cannot afford to remain idle.
"If we don't do it now, the social cost could be high. We cannot wait until the time when we need it today, and then we get something done. It will probably be a bit too late, and the cost of getting to that solution will be higher," said Chang.
Many Singaporeans support raising retirement, re-employment ages
