BEIJING, Jan. 24 -- China will promote the full implementation of a private pension mechanism that has already been introduced in 36 cities and regions, the Ministry of Human Resources and Social Security announced Wednesday.

At a press conference held in Beijing, the ministry said the system has been running smoothly and "positive progress" has been made since its introduction in 2022, adding that more than 50 million people have opened accounts to participate in the mechanism.

The mechanism allows Chinese citizens to contribute up to 12,000 yuan (about 1,700 U.S. dollars) annually to individual pension accounts.

The private pension mechanism will complement the country's current pension system consisting of the basic old-age pension, enterprise annuities and commercial insurance for the elderly, offering another layer of support for the aging population.