China says to extend old-age insurance to all

China will extend old-age insurance to its entire population, a move that may strengthen its social safety net and boost consumption.
China will extend old-age insurance to its entire population, a move that may strengthen its social safety net and boost consumption.PHOTO: REUTERS

BEIJING (REUTERS) - China will extend old-age insurance to its entire population, the Communist Party was quoted by state news agency Xinhua as saying on Thursday (Oct 29) after a party plenum, a move that may strengthen its social safety net and boost consumption.

State funds would be invested into the existing insurance schemes to improve coverage, the Communist Party was quoted as saying in a communique.

The party also said it would ease family planning restrictions to allow all couples to have two children after decades of the strict one-child policy, a move aimed at alleviating demographic strains on the economy.