Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they...

Like most countries, China faces a rapidly aging population. In fact, China is aging more rapidly than practically any other country. In 1990 only 9% of China's population was over the age of 65, but by 2030 this proportion will more than double, to 22%. More than a quarter of the world's old...