As the Chinese look to the future and ponder strategies to manage the challenges of an ageing society, including the provision of adequate retirement income, they are heeding the advice of Canadian pension experts, and the lessons of the past when Canada addressed its own retirement woes.
Paul Martin was the finance minister in the mid-90s when the Canada Pension Plan (CPP) faced its own underfunded existential crisis, leading to a realization that a major overhaul was required to ensure its sustainability for future generations.
That exercise was documented in the book Fixing the Future: How Canada’s Usually Fractious Governments Worked Together to Rescue the Canada Pension Plan, written by Bruce Little. In a media release, the Canada Pension Plan Investment Board (CPPIB) announces it has launched a Chinese edition of the book to assist them with the ongoing reform of their pension system.
“We are honoured to share Fixing the Future, the story of Canada’s pension reform, with China,” Mark Machin, President & Chief Executive Officer, CPPIB, is quoted saying.
“Many of the issues that Canada faced in reforming their pension system are shared between our two countries. With China’s pension reform now well under way, we hope that some of the lessons learned in Canada are of value to policymakers in China as they work to secure the pension system for many generations to come.”
The CPPIB has agreed to help the Chinese address the challenges of an ageing population, with the translation of the book being one step in this process, according to the release.
“Fixing the Future is inspiring to policy makers and academia in thinking about establishing a coordinated policy-making mechanism for the pension reform currently taking place in China. Demographics and pension management is an important subject for China’s future, and we believe CPPIB’s successful model will set a precedent for the academia and policy makers in China as they are striving to build a sustainable social security system,” Professor Zheng Bingwen, the translator of the book and Director of Center for International Social Security Studies, Chinese Academy of Social Sciences (CASS), is quoted saying.
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