Retirement benefits are the last thing the CCP touches because tens of millions of Chinese heavily rely on it already.
China is authoritarian, but the CCP absolutely does take public sentiment into account, and policies that have the chance of causing mass protests and discontent do get rolled back.
Zero Covid is a perfect example of this, as it was hastily rolled back after the wave of protests following the apartment fire in Urumqi due to Xinjiang CCP's hard Zero Covid enforcement.
And this is why China had not raised the retirement age until in the past few weeks despite trying for decades, and anyhow kicked that can down the line to 15 years.
I understand the concern over public sentiment but where will the revenue come from to pay those benefits? The ratio of workers to retirees is inevitably going to go way down and it seems unrealistic to expect that the government can borrow its way out of the problem. The retirees will have to take a hit somehow.
> where will the revenue come from to pay those benefits
A mixture of bonds/borrowing, federal bailouts, and (painful) corporate tax reform.
This is a major reason why provincial law enforcement has recently begun cracking down on unpaid corporate back taxes recently, because social spend is largely devolved to the provincial level.
The property crisis in China is itself a result of the retirement fund issue, as until recently provincial government's only financial lever was land sales, and retirement funds are largely the domain of provinces following Deng's reforms.
China is authoritarian, but the CCP absolutely does take public sentiment into account, and policies that have the chance of causing mass protests and discontent do get rolled back.
Zero Covid is a perfect example of this, as it was hastily rolled back after the wave of protests following the apartment fire in Urumqi due to Xinjiang CCP's hard Zero Covid enforcement.
And this is why China had not raised the retirement age until in the past few weeks despite trying for decades, and anyhow kicked that can down the line to 15 years.