According to the news of Oct.10 from China Newsnet, the previous period saw the insurance company take an active part in the experimental reform of looking after the aged in Liaoning Province. This was a revelation from Wu Dingfu, President of China Insurance Regulatory Commission when he was accepting the interview of the reporter the other day. The annuity handed in by enterprises formerly managed by departments of social insurance would be gradually handed over to the insurance company for management. The reform has so far extended to the three provinces of Northeast China.

Wu Dingfu said, China has now already entered into a senile society with the aged people of over 65 to take up 7 percent of the total population. The senility process of the population has overstepped the economic development. At present, the social insurance system is still quite imperfect whereas the state is unable to put in more funds for it. Under such a situation to develop greatly the commercial insurance for looking after the aged can not only help alleviate the pressure on the government but also raise the insurance level and this is good for the welfare affairs of the people.

By People's Daily Online