China's pension system is facing a severe trust crisis, with more than 40% of freelancers, including delivery personnel and online influencers, choosing not to pay social insurance. This has led to a cash flow deficit in the national social security fund for the first time in 2024. As young workers begin to question the sustainability of pension funds, the central government's financial subsidies are under increasing pressure, with some provinces relying on cross-provincial allocation mechanisms to maintain operations. Despite measures to delay retirement age and increase subsidies, public trust in pension accounts and property continues to erode, with experts warning that this issue could have far-reaching impacts on economic and social stability.
Source: [Wall Street Journal](https://www.wsj.com/articles/chinas-pension-system-faces-trust-crisis-as-over-40-of-freelancers-refuse-to-pay-social-insurance-11666571600)