China's Ministry of Human Resources and Social Security says the country will complete the building of a fair, unified and regulated pension insurance system by 2020.

Starting this year, China's State Council announced the integration of rural and urban pensions as part of efforts to unify various pension systems across the country.

Briefing the media on the details of the policy, Hu Xiaoyi, Vice Minister of Human Resources and Social Security says all citizens above 16 years of age that are not students, public servants, or those covered by work pensions, will be covered by the system.

The new measures will also bring benefits to migrant workers.

Statistics show the number of Chinese aged 60 and older neared 200 million in 2012 and is expected to top 240 million by 2020.