According to official data, China's population is getting older. Currently, there are over 167 million senior citizens, about 12.5 percent of the entire population.

By 2030, the number of people older than 65 will surpass that of Japan, making China the biggest nation in the world in terms of an aging population. And by 2050, more than 30 percent of the population will be older than 60. Experts expect this demographic change will put unprecedented pressure on the already stretched social security system.