"China has just outlined its social endowment insurance framework for all groups of people, and the new draft mainly gives a signal to the public that everyone can benefit from the social security system no matter when they change from rural residents to corporate employees or urban residents, or from employees to become unemployed," said Lu Quan, a social security expert at Renmin University of China.

Lu Xuejing, director of the social security research center at Beijing-based Capital University of Economics and Business, said: "The draft is quite practical because it will help resolve the problems that many people face when they change their work and living situations, and I believe a large number of people will benefit from it."

She also said a long-term goal for China is to merge all three endowment insurances and provide an equal basic pension fund for all.

"In fact, the new regulation is a key step toward that goal," she said.

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