CHINA'S PENSION CHALLENGE: ADAPTIVE STRATEGY FOR SUCCESS

SUMMARY After 30 years of reformation, China has set up a multi‐tiered pension system. This paper aims to observe China's current complex pension scheme longitudinally by analyzing the overall impact and changes it brings to Chinese society. As a broad overview of the whole of China's pension scheme and a discussion of its future challenges, this paper will follow the following order. Firstly, China's pension scheme will be introduced along with the observation of the current standing of the pension scheme from the perspective of a multi‐tiered system and with a brief summary of its history. Secondly, different kinds of pension plans based on urban/rural areas and different occupational groups will be studied. Thirdly, problems of the current pension fund system and its future challenges focusing on financial stability, income support, and controversy over the system will be dealt with, and finally, the adaptive strategy of recent reforms will be discussed. Copyright © 2014 John Wiley & Sons, Ltd.