Problems, causes and countermeasures of China's pension insurance system

Abstract

Under the background of global population aging,, it is of great practical importance to solve the problem of old age for the growing number of elderly people and to improve their quality of life. The old-age insurance system is a state-led approach to solving the old-age problem. This paper focuses on the current situation of the operation of China's pension insurance system, and discusses it from three aspects: problems, causes, and countermeasures. The existing problems are studied from four perspectives: the gap between income and expenditure of the fund, the omission of the population covered, the unbalanced development of the three pillars, and the imperfect investment system; the causes are analyzed through the common root causes of the problems; the proposed solutions focus on the problem of funding gap, and consider both expanding sources and reducing expenditures. They should not only give full play to the government's macro-control and market supervision, but also actively use the market's ability to allocate resources to jointly promote the steady development of the endowment insurance system.