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British Firm to Take Part in China's Pension Reforms
The Standard Life Assurance Co. of Britain will participate in the reforms of the Chinese pension system.
Officials at the Ministry of Labor and Social Security of China have signed an agreement with the British government, welcoming Standard Life Assurance Co. and other British insurance firms to take part in the reforms, said an official of the company's Shanghai branch.
The Standard Life Assurance Co. will send its best experts to provide technical training and consulting services to China, said Robert Knight, who is in charge of the Asia-Pacific affairs of the company, during a visit to China recently.
China's aging population has become a problem, experts said. By the year 2025, one in three Shanghai residents will be elderly.
The country is seeking solutions to maintain the standard of living of the retirees.
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