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Social Security Pension Reform in China

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  • Martin Feldstein

Abstract

China has legislated a mixed social security pension system with a defined benefit pay-as-you-go portion and an investment-based defined contribution portion. This paper analyses the economics of these two types of systems in the Chinese context and calculates the advantage to China of using an investment-based portion. Several options for reform of the recently legislated system are considered.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6794.

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Date of creation: Nov 1998
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Publication status: published as Feldstein, Martin. "Social Security Pension Reform In China," China Economic Review, 1999, v10(2,Jun), 99-107.
Handle: RePEc:nbr:nberwo:6794

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  1. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, Elsevier, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
  2. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
  3. Martin Feldstein & Andrew Samwick, 1997. "The Economics of Prefunding Social Security and Medicare Benefits," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 115-164 National Bureau of Economic Research, Inc.
  4. Hussain, Athar, 1994. "Social Security in Present-Day China and Its Reform," American Economic Review, American Economic Association, American Economic Association, vol. 84(2), pages 276-80, May.
  5. Feldstein, Martin (ed.), 1998. "Privatizing Social Security," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226241012, 01-2013.
  6. Chow, G.C., 1990. "Capital Formation And Economic Growth In China," Papers, Princeton, Department of Economics - Econometric Research Program 356, Princeton, Department of Economics - Econometric Research Program.
  7. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters, in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
  8. Martin Feldstein & Andrew Samwick, 1996. "The Transition Path in Privatizing Social Security," NBER Working Papers 5761, National Bureau of Economic Research, Inc.
  9. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1.
  10. Shunfeng Song & George S-F Chu, 1997. "Social Security Reform In China: The Case Of Old-Age Insurance," Contemporary Economic Policy, Western Economic Association International, vol. 15(2), pages 85-93, 04.
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Cited by:
  1. Baeten, Steef & Van Ourti, Tom & van Doorslaer, Eddy, 2013. "Rising inequalities in income and health in China: Who is left behind?," Journal of Health Economics, Elsevier, Elsevier, vol. 32(6), pages 1214-1229.
  2. Song, Zheng Michael & Storesletten, Kjetil & Wang, Yikai & Zilibotti, Fabrizio, 2012. "Sharing High Growth Across Generations: Pensions and Demographic Transition in China," CEPR Discussion Papers, C.E.P.R. Discussion Papers 9156, C.E.P.R. Discussion Papers.
  3. Li, Shiyu & Lin, Shuanglin, 2011. "Is there any gain from social security privatization?," China Economic Review, Elsevier, Elsevier, vol. 22(3), pages 278-289, September.
  4. Tianhong Chen & John A. Turner, 2014. "Social Security Individual Accounts in China: Toward Sustainability in Individual Account Financing," Sustainability, MDPI, Open Access Journal, vol. 6(8), pages 5049-5064, August.
  5. Yang, Zaigui, 2007. "Partially Funded Pension, Fertility and Endogenous Growth," MPRA Paper 18681, University Library of Munich, Germany.
  6. Yu, Ning & Shi, Qinghua & Jin, Hongtao, 2010. "Permanent land-use rights and endowment insurance: Chinese evidence of the substitution effect," China Economic Review, Elsevier, Elsevier, vol. 21(2), pages 272-281, June.

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