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Pension Reform in China

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  • Steven Vincent Dunaway
  • Vivek B. Arora
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    Abstract

    The rapid aging of China''s population over the next few decades makes it important for a new pension system with broad and adequate coverage to be put in place quickly. Pension reforms, first initiated in 1997, have become bogged down in difficulties over dealing with the "legacy costs" associated with the relatively more generous benefits provided under the old system. This paper argues that a way forward is to separate the legacy problem from the problem of setting up a new pension system, and it suggests concrete proposals for setting up such a new system which would cover both urban and rural workers.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/109.

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    Length: 15
    Date of creation: 01 May 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/109

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    Keywords: Pension funds; pension; pension system; retirement; benefits; individual accounts; wages; social pension; pensions; retirement age; replacement rate; early retirement; life expectancy; pension reform; retirement income; wage; national pension; contribution rates; dependency ratio; pension administration; pension plan; replacement rates; labor force; pension systems; individual account; payroll; level of retirement income; pillar pension; wage rate; salaries; public pension; retirement period; average pensions; public pensions; future pensions; retirement policy; pension contributions; maternity benefits; pension reforms; basic pension; public pension reform; current pension; defined contribution ? system; wage rates; aging population; employer pension; public pension system; provident fund; pension benefits; average pension; pension policy; voluntary pension; payroll tax; minimum benefit; pension pooling; pension system reform; occupational schemes; multi-pillar pension system; contribution period; defined benefit; pension plans; contribution ? system; accumulated savings; pension costs; pension program; pillar system; pension obligations; health care; pension liabilities; payroll taxes; pension entitlements; pension coverage; basic pensions;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Jonathan Gruber & David Wise, 2005. "Social Security Programs and Retirement around the World: Fiscal Implications, Introduction and Summary," NBER Working Papers 11290, National Bureau of Economic Research, Inc.
    2. Chen, Vivian Y., 2004. "A Macro Analysis of China Pension Pooling System: Incentive Issues and Financial Problem," Discussion Paper 195, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
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    Citations

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    Cited by:
    1. Kai Guo & Papa M'B. P. N'Diaye, 2010. "Determinants of China's Private Consumption," IMF Working Papers 10/93, International Monetary Fund.
    2. Chamon, Marcos & Liu, Kai & Prasad, Eswar, 2010. "Income Uncertainty and Household Savings in China," IZA Discussion Papers 5331, Institute for the Study of Labor (IZA).
    3. Ramon Moreno & Marjorie Santos, 2008. "Pension systems in EMEs: implications for capital flows and financial markets," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 45-69 Bank for International Settlements.

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