China’s Private Sector Pessimistic About 2020 Economic Outlook

One of China’s richest business entrepreneurs recently ranted on his YouTube channel about how he was forced into retirement by Chinese authorities.

“Suddenly, an organization [of the Chinese government] called me: ‘You must come here to complete the retirement process.’ I’m a private business owner. How can they force me to retire?” Feng Lun said in a YouTube video published on Jan. 2. The video was also available on some Chinese social media platforms.

The Beijing city government told him his pension would be 8,000 yuan (roughly $1,160) a month, a high amount by Chinese standards.

According to Chinese state-run newspaper China Economic Weekly, the average pension in 2016 was 2,362 yuan ($342.5) per month.

Feng did not reveal whether authorities gave him an explanation for why he was forced into retirement, but he complained that the amount would not be enough for his high-flying lifestyle.

Feng founded Vantone Real Estate, a publicly listed real estate developer, and China Minsheng Bank, the country’s first bank funded by private capital. He is also chairman of Yufeng Group, an investment firm.

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