China bank gov.: Healthcare change needed

SYDNEY, Nov. 21 (UPI) -- China's central bank governor called for Social Security and healthcare reform Tuesday.

At the Group of 20 meeting in Sydney, Zhou Xiaochuan said the country's sound financial health means the government can afford to extend its healthcare and pension safety net to all the country's citizens, Xinhua reports.

Meanwhile, citizens with higher incomes should be encouraged to invest in individual retirement accounts and private health insurance, he said.

The National Council for Social Security also plans to move some of its assets, currently held mainly by banks, into higher-return investments in capital markets and overseas.