Inadequate pension system would likely lead to growth of Chinese equity markets
$iShares Core MSCI China Index ETF (02801.HK)$
https://www.reuters.com/world/china/ageing-china-boosts-private-sector-role-pensions-time-bomb-ticks-2021-05-20/
https://www.reuters.com/world/china/ageing-china-boosts-private-sector-role-pensions-time-bomb-ticks-2021-05-20/
also
public direct financing from debt based financing and shift towards equity markets from real estate and other asset classes in China
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