Around the world, countries are discovering that their social security and retirement systems are unable to cope with changing economic and demographic conditions. As a result, more and more countries are abandoning their traditional pay-as- you-go systems and allowing workers to invest their retirement funds in private capital markets.

No discussion of social security reform around the world can exclude China. The world's most populous nation is also the world's fastest aging country. The restructuring of state-owned enterprises is placing a further strain on the nation's retirement system. China's entry into the World Trade Organization will speed economic change.

Faced with these challenges, the Third Plenary Session of the 14th Central Committee of the Communist Party of China called for the creation of a new retirement program "integrating social pooling with individual accounts." Now, China is struggling with the transition to this new market-based system.

This conference will provide an overview of the need to reform China's retirement system and of the critical questions facing China's leaders: How far will China go toward a fully funded system? What type of investment will be allowed? How will the transition be financed? Conference attendees will have an opportunity to ask questions and discuss the issues of concern.