China will integrate the basic old-age insurance systems for rural and urban residents to allow people to have equal access to the pension scheme, according to an executive meeting of the State Council on Friday.
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China's separate systems for rural residents and retired company employees in urban areas have basically included everyone in the country, according to the meeting.
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China will integrate the two systems and build a unified pension system covering both urban and rural residents, said the meeting.
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The meeting, presided over by Premier Li Keqiang, said the move will facilitate population movement and build stable expectations for livelihood improvement.
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It will also boost consumption and encourage more business start-ups, said the meeting.