China, Canada face similar pension challenges: CEO of CPP Investment Board

BEIJING -- The top executive at Canada's largest retirement fund is in Beijing today to help grow the fund's relationship with Chinese pension officials.

Mark Machin was on hand for the official launch of a Chinese translation of "Fixing the Future" -- a book tracing the political and financial hurdles that were overcome when the Canada Pension Plan Investment Board was created in the 1990s.

Machin says the translation of the 380-page book was a Chinese initiative that complements a previously announced "pooling of resources" planned by the CPP Investment Board and China's National Development and Reform Commission.

He says Canada and China face similar challenges as the number of retired people grows faster than the number of working people paying into the retirement system.

Machin says CPP Investment Board will be leading efforts to co-ordinate Canadian pension expertise and share it with Chinese government officials and other pension experts.

He anticipates the book -- written by a former Globe and Mail reporter under a commission from CPPIB -- will be used as a textbook in China to help teach about pension reform.