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PHNOM PENH Wholesale Oklahoma City Thunder Jerseys , Nov. 5 (Xinhua) -- Cambodian Prime Minister Hun Sen on Thursday defended his decision to cancel the Water Festival, which was scheduled on Nov. 24-26, in Phnom Penh, saying that the cancellation was due to low water levels in the river.

""The water level in the river is 4.8 meters today and will further recede to around 4.2 meters by Nov. 24 when the festival was scheduled to start,"" he said during the inauguration ceremony of a flood protection project here. ""At this depth Wholesale Orlando Magic Jerseys , boat races were impossible.""

The usual depth of the river water is 7 to 8 meters.

His remarks came after an opposition lawmaker and a political analyst commented in local media that the cancelation was made because the government was scared of large numbers of people descending on the city during a politically tense time.

Hun Sen rejected such analysis, saying that they are insulting the government.

""Such insulting analysis is unacceptable,"" he said. ""I want people to visit Phnom Penh on that occasion. Although there are no boat races, music concerts are still held as usual.""

The prime minister issued a circular on Oct. 31 to cancel the festival this year, citing low water levels and drought. The circular said while there will be no Water Festival Wholesale Philadelphia 76ers Jerseys , civil servants and garment workers will still be given a three-day holiday.

Water Festival is the largest annual festival in this Southeast Asian nation. Last year, more than 1 million Cambodians, especially those from rural areas, descended on Phnom Penh to enjoy the regatta on that occasion.

Political dispute has heated up in recent weeks after opposition Cambodia National Rescue Party (CNRP) organized protests against Hun Sen during his recent visits to the United Nations in New York and France.

In response, thousands of pro-government protesters staged a rally outside the parliament in Phnom Penh on Oct. 26 to urge CNRP Vice President Kem Sokha to step down as the parliament's first vice president. Just an hour after the protesters had dispersed Wholesale Phoenix Suns Jerseys , two CNRP lawmakers were dragged from their cars while leaving the parliament and badly beaten by a group of people.

Five days later, the prime minister's ruling party lawmakers voted to oust Kem Sokha from the post of the first vice president of the National Assembly successfully.

" " David Dodge, former governor of Bank of Canada and former deputy finance minister, speaks at a panel of "Talking Economics" at the Canadian Embassy in Beijing on Nov. 18, 2015. (Photo: ECNSQian Ruisha)

By the year 2050 Wholesale Portland Trail Blazers Jerseys , the population aged 60 or over is projected to reach nearly 2 billion, or more than 1 in every 5 persons. The ratio of working force to the retired will drop to under 2 in Europe, 3 in Northern America and under 4 in Asia, according to United Nations statistics.

As the world's aging problem intensifies, a revamp of the retirement income and health care systems is urgently needed to save enough for retirement Wholesale Sacramento Kings Jerseys , said David Dodge, Canadian economist, former governor of Bank of Canada and former deputy finance minister.

Dodge was invited by the Canadian Embassy in Beijing to speak at a panel of the ""Talking Economics"" series on Wednesday.

A multi-pier retirement income system is key to securing enough for old age

""A pure pay-as-you-go system will create social tension and impede growth as it requires very high payroll taxes when the dependency ratio becomes high,"" Dodge said. ""If we rely entirely on saving for funded systems, however Wholesale San Antonio Spurs Jerseys , that would discourage consumption and restrain growth.""

Canada has a four-pier retirement income operatus, namely the public pension system, Canada Pension Plan and the Quebec Pension Plan, employer-sponsored pension plans and private savings.

The first pillar is mainly for the poor. Canadian citizens or legal residents who have lived in Canada for more than 10 years after turning 18, and who are 65 or older may be eligible to receive Old Age Security.

The second pillar is a monthly benefit plan for those who contribute based on earnings to the Canada Pension Plan Wholesale Toronto Raptors Jerseys , and is mainly for low and middle income earners. The third pillar of funded private plans is for middle income earners alone.

China is trying to transition the defined benefit, pay-as-you-go system to a multi-pillar model, while incorporating all enterprise and self-employed workers in cities and towns. But the system still suffers from a low contribution rate, low coverage and low return on investment.

""To encourage higher contribution we need to make people fear that if they don't save enough, they won't have enough money when they get old Wholesale Utah Jazz Jerseys ,"" Dodge said, adding that it took Canada a decade to reform its retirement income system in 1997.

China's second-child policy may have little immediate impact

In its 13th Five Year Plan released in late October, China removed restrictions on having a second child for all couples. The move is seen as an effort to counter the aging population. But Dodge said he's not sure if the policy could yield a much higher fertility rate.

""China is having policies like Western countries did, but I don't think they could have much impact,"" Dodge said. ""Fertility will still be lower than the replacement rate. History tells us that when we're rich and we create opportunities for women Wholesale Washington Wizards Jerseys , the fertility rate lowers.""

Dodge said it's important that China mulls later retirement ages.

""People are healthier and need to work longer, so facilitating employment in the 60s or even 70s is important both for employers and skilled workers.""

Nations will need a health care overhaul

Population aging will contribute to a rise in health care and long-term care spending over the next 30 years. According to Dodge, among major economies, the rise would be largest for China.

""When you have a young populatio

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