China should adjust its family planning policy and raise the retirement age to address the issue of its aging population, the former national social security fund chairman said on Sunday.

Dai Xianglong, who resigned from the position in March, also said at the Boao Forum for Asia Annual Conference in Hainan province that a wording change in the 12th Five-Year Plan (2011-15) implied the central government has a nuanced attitude toward its long-standing family planning policy.

"Some say the State should allow parents to have a second baby if one of them is a single child. I think this kind of minor change will take place in the next two years," Dai said.