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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.

Suggested Citation

  • Martin Feldstein, 1998. "Social Security Pension Reform in China," NBER Working Papers 6794, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:6794
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    References listed on IDEAS

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    1. Hussain, Athar, 1994. "Social Security in Present-Day China and Its Reform," American Economic Review, American Economic Association, vol. 84(2), pages 276-280, May.
    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, vol. 66, pages 467-467.
    3. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics,in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
    4. 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.
    5. 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, April.
    6. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1.
    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, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters,in: Privatizing Social Security, pages 215-264 National Bureau of Economic Research, Inc.
    9. Gregory C. Chow, 1993. "Capital Formation and Economic Growth in China," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 809-842.
    10. Feldstein, Martin (ed.), 1998. "Privatizing Social Security," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226241012, December.
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    Citations

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    Cited by:

    1. Li, Shiyu & Lin, Shuanglin, 2011. "Is there any gain from social security privatization?," China Economic Review, Elsevier, vol. 22(3), pages 278-289, September.
    2. Yang, Zaigui, 2007. "Partially Funded Pension, Fertility and Endogenous Growth," MPRA Paper 18681, University Library of Munich, Germany.
    3. Zheng Song & Kjetil Storesletten & Yikai Wang & Fabrizio Zilibotti, 2015. "Sharing High Growth across Generations: Pensions and Demographic Transition in China," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(2), pages 1-39, April.
    4. Li, Shiyu & Lin, Shuanglin, 2016. "Population aging and China's social security reforms," Journal of Policy Modeling, Elsevier, vol. 38(1), pages 65-95.
    5. 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 1-16, August.
    6. 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, vol. 32(6), pages 1214-1229.
    7. Coeurdacier, Nicolas & Guibaud, Stéphane & Jin, Keyu, 2014. "Fertility policies and social security reforms in China," LSE Research Online Documents on Economics 66107, London School of Economics and Political Science, LSE Library.
    8. Iris Claus & Les Oxley & Yong Cai & Yuan Cheng, 2014. "Pension Reform In China: Challenges And Opportunities," Journal of Economic Surveys, Wiley Blackwell, vol. 28(4), pages 636-651, September.
    9. Yu, Ning & Shi, Qinghua & Jin, Hongtao, 2010. "Permanent land-use rights and endowment insurance: Chinese evidence of the substitution effect," China Economic Review, Elsevier, vol. 21(2), pages 272-281, June.
    10. repec:gam:jsusta:v:9:y:2017:i:12:p:2252-:d:121847 is not listed on IDEAS
    11. Anping Chen & Marlon Boarnet & Mark Partridge & Bin R. Chen & Mingqin Wu, 2014. "Industrial Agglomeration And Employer Compliance With Social Security Contribution: Evidence From China," Journal of Regional Science, Wiley Blackwell, vol. 54(4), pages 586-605, September.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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