China's retirement age reform driven by longer life expectancy, increased schooling years: official

China's plan to gradually raise the statutory retirement age is driven by trends such as increasing life expectancy and longer schooling for the working-age population, Wang Xiaoping, Minister of Human Resources and Social Security, said at a press conference on Friday.

Chinese lawmakers on Friday voted to adopt a decision on gradually raising the country's statutory retirement age, marking the first adjustment in the arrangement since the 1950s.

According to the decision adopted at the 11th session of the Standing Committee of the 14th National People's Congress, the statutory retirement age for men will gradually be raised from 60 to 63 over a 15-year period starting in 2025. For women, the retirement age will increase from 55 to 58 for white-collar workers and from 50 to 55 for blue-collar workers.

Starting in 2030, the minimum number of years employees must contribute to their pension accounts will gradually increase from the current 15 years to 20 years, according to the new decision.

Driving the retirement reform are significant changes in China's population structure. Wang noted that the new decision is based on current life expectancy and years of schooling.

"The average life expectancy has risen from 40 years in the early days of the People's Republic of China to the current 78.6 years. The average number of years of education for the labor force has also risen to from 8 years in the initial phase of China's reform and opening-up to the current 14 years. There is a general delay in the age at which people enter the workforce," said Wang.

Officials say policies will be implemented to improve the pension insurance system and enhance protections for older workers.

"Ensuring the health of workers, particularly older ones, is an important part of China's efforts to promote a healthier society. We will strengthen occupational health monitoring, analysis and understanding of the health status of workers and work to prevent occupational diseases and health risks among older workers. The healthcare service system will be continuously improved based on the needs of older employees," said Yu Xuejun, deputy director of the National Health Commission of China.

Officials stressed that the decision would be introduced based on the principle of voluntary participation with appropriate flexibility and would unfold in a prudent and orderly manner.

China's retirement age is among the lowest in the world, despite a significantly increased life expectancy. In 2023, the population aged 60 and above in China reached 297 million, accounting for over 20 percent of the total population. Analysts suggest that delaying retirement is essential to adapt to China's demographic changes and is also in line with global mainstream practices.

China's retirement age reform driven by longer life expectancy, increased schooling years: official

Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.

Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.

More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.

Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.

"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.

During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.

"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.

In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.

With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.

"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.

Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition