Generational tensions are being fueled by continuing debate over Social Security benefits, which mostly involves a transfer of resources from the young to the old.

Whether poor, rich or somewhere in-between, China will certainly need to spend some money to provide a basic social safety net for its people, not just the old but everyone.

In the Asia-Pacific region, the basic social security level is low. Only about 30% of the elder people enjoy old-age pension and 20% of the population are covered by medical insurance.