China capable of supporting expanding elderly population

A government official said in the Thursday edition of the People's Daily newspaper that China is and will always be capable of supporting its elderly as long as it continues to enjoy social stability and economic growth. Hu Xiaoyi, the vice minister of the Ministry of Human Resources and Social Security, made the remark while discussing the challenges facing China's pension fund plan. China's elderly population reached 177 million as of 2010, or 13.26 percent of the total population. Some scholars expect the total dependency ratio (the number of dependents, children and elderly included, per 100 working adults) to hit 50 percent around 2015, when the opportunity window for reaping a demographic dividend gradually shuts down, Hu was quoted as saying. Hu said that a rapidly growing elderly population will create far-reaching implications for China's socioeconomic development for the next five to ten years. However, Hu expressed confidence in China's ability to support the country's elderly population and improve their lives in the meantime. Hu said prompt action must be taken in order to prepare for future challenges, including the creation of new government policies and fundraising.