The present paper reviews the social security pilot in Jilin and Hei Longjiang that was carried out between 2004 and 2005. The pilot in the two provinces has basically achieved its main objectives, but there are still...The present paper reviews the social security pilot in Jilin and Hei Longjiang that was carried out between 2004 and 2005. The pilot in the two provinces has basically achieved its main objectives, but there are still some unsolved problems, the most severe being lack of effective investment of the funds accumulated by individual accounts. During periods of high economic growth and high growth in average wages, this problem might undermine the partially-funded security system. To this end, the paper makes some suggestions, one of which is to introduce the notional defined contribution system.展开更多
The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calc...The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.展开更多
This study focuses on the framework and achievements of China’s pension system,and analyses the long-term risk and institutional dilemmas.Because the existing pension system does not clearly define the responsibiliti...This study focuses on the framework and achievements of China’s pension system,and analyses the long-term risk and institutional dilemmas.Because the existing pension system does not clearly define the responsibilities among the government,the market and the individuals,the main challenge facing China’s current pension system is the huge future fund gap and the difficulty in coping with the risk of an ageing population.The proposal for China’s pension scheme reformation is to establish a three-pillar pension system:transfer the social pooling account into a public pension as the first pillar;merge the refilled personal account by transferring the state-owned assets and the enterprise annuity into the occupational pension as the second pillar;and promote the tax deferral individual pension plan as the third pillar.The roles and functions of the government in the three-pillar pension system are different:for the first pillar,it is fully responsible for the system construction,management and funding security;for the second and the third pillar,it is responsible for system construction and operational supervision.展开更多
文摘The present paper reviews the social security pilot in Jilin and Hei Longjiang that was carried out between 2004 and 2005. The pilot in the two provinces has basically achieved its main objectives, but there are still some unsolved problems, the most severe being lack of effective investment of the funds accumulated by individual accounts. During periods of high economic growth and high growth in average wages, this problem might undermine the partially-funded security system. To this end, the paper makes some suggestions, one of which is to introduce the notional defined contribution system.
基金This work was supported in part by National Nature Science Foundation of China key project under Grant No. 70531010.
文摘The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.
文摘This study focuses on the framework and achievements of China’s pension system,and analyses the long-term risk and institutional dilemmas.Because the existing pension system does not clearly define the responsibilities among the government,the market and the individuals,the main challenge facing China’s current pension system is the huge future fund gap and the difficulty in coping with the risk of an ageing population.The proposal for China’s pension scheme reformation is to establish a three-pillar pension system:transfer the social pooling account into a public pension as the first pillar;merge the refilled personal account by transferring the state-owned assets and the enterprise annuity into the occupational pension as the second pillar;and promote the tax deferral individual pension plan as the third pillar.The roles and functions of the government in the three-pillar pension system are different:for the first pillar,it is fully responsible for the system construction,management and funding security;for the second and the third pillar,it is responsible for system construction and operational supervision.
