VOA Mandarin: China expands private pension system nationwide

China has fully rolled out its “private pension” system this week. According to the plan, each person can deposit no more than $1,600 every year to invest in financial products as a supplementary source of basic pension. However, Chinese people interviewed by VOA bluntly said that this is a "Ponzi scheme" because China's economy is in a slump, and that the medical insurance and social security funds have long been in deficit. Click here to see the full story in Mandarin.