Private pension system seen in need of upgrade

How much savings does a person in China need for retirement? A report released by Sun Life Financial Inc, based on a quantitative survey of 3,201 respondents and more than 20 expert interviews, found that 65 percent of respondents believe 1 million yuan ($148,200) is sufficient. However, the report estimates that a retiree spending an average of 5,000 yuan per month over a 30-year retirement would need at least 1.8 million yuan, assuming no inflation.

Raccontata daglobal.chinadaily.com.cn