Mainlanders Think CCP’s Private Retirement Plan Indicates Social Insecurity

Beijing announced its pilot scheme of private retirement plans, with the participation of four large, state-owned banks, that will be launched in November in five cities. Chinese netizens expressed their distrust of the Chinese banks, and an economist said the plan is a way to cover up the failing economy.
The officials claimed the new retirement savings products will meet the diversified needs of China’s aging population.
Chinese netizens responded to the news with comments that showed widespread distrust of the program: ‘Just a trick to squeeze your wallet,’ ‘Stop insulting my intelligence,’ ‘My money is safer with me,’ and ‘Nothing good will be shared with the people.