Global Times (21.04.2022) China will soon start a new era of "private pensions" with the imminent implementation of a relevant mechanism, according to a report by the Shanghai Securities News published on Wednesday. The new mechanism, which is characterized by policy support from the government, voluntary participation and market-oriented operations, will be an important transformation of the current pension system that has a basic pension insurance and a corporate pension. According to the report, those who contribute to the basic pension insurance for workers in cities and towns, as well as in the life insurance system for urban and rural residents can participate in the private pension system.