In 70 years since the founding of the People’s Republic of China,China has successfully transitioned from a closed economy to an open economy with the watershed year of reform and opening up in 1978 and modernized it...In 70 years since the founding of the People’s Republic of China,China has successfully transitioned from a closed economy to an open economy with the watershed year of reform and opening up in 1978 and modernized its social security system accordingly.This paper divides the transition of China’s social security system into seven stages before and after 1978.The traditional social security system was predicated on the dominant public ownership,a highly centralized economy,and“full employment.”It was congruous with the ownership structure,income distribution,and labor systems under the closed economy.The modern social security system is developed to meet the needs of an open economy and promotes economic development by giving play to consumption and investment,facilitating labor flow,and boosting productivity.The modern social security system requires further supply-side structural reforms to promote the high-quality development of the open economy.展开更多
文摘In 70 years since the founding of the People’s Republic of China,China has successfully transitioned from a closed economy to an open economy with the watershed year of reform and opening up in 1978 and modernized its social security system accordingly.This paper divides the transition of China’s social security system into seven stages before and after 1978.The traditional social security system was predicated on the dominant public ownership,a highly centralized economy,and“full employment.”It was congruous with the ownership structure,income distribution,and labor systems under the closed economy.The modern social security system is developed to meet the needs of an open economy and promotes economic development by giving play to consumption and investment,facilitating labor flow,and boosting productivity.The modern social security system requires further supply-side structural reforms to promote the high-quality development of the open economy.
