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This is the first-ever book to provide a comprehensive analysis of Chinese social security reforms with a variety of views. It addresses issues such as what kind of social security system China should establish, how this system should be managed and financed, and how the transition from the old system to the new system can best be accomplished. The authors of the papers in this book include internationally renowned Chinese and Western social security experts (such as Martin Feldstein and Henry Aaron), Chinese policy makers, and scholars who have worked on Chinese social security for years.
The seventh edition of this annual report reviews the long-term prospects for developing countries in light of changes in the global environment and provides a detailed discussion of selected aspects of the global integration process in those countries. The first chapter evaluates prospects for the major elements of the external environment affecting developing countries and the medium-to-long-term outlook for developing countries themselves. The report forecasts that the external environment for developing countries remains broadly favorable. Among the main policy challenges faced by these countries is their ability to adapt to long-run shifts in market opportunities and heightened competitive pressures brought on by global trade liberalization--now increasingly focused on liberalization of trade in services--rising global production, and other forms of global integration. The chapter considers the implications for the world economy of rapid growth and integration in large developing countries such as China, India, and Brazil in the period to 2020. The second chapter looks at the move toward greater globalization of production, broadly defined as cross-border production by multinational enterprises and their networks of affiliates, subcontractors, and other partners. Within this context, the chapter addresses the significance of global production in world output in main groups of countries and economic sectors; factors driving the trend toward global production, including heightened competition, worldwide policy liberalization, and rapid technological progress; the benefits that developing countries can derive from global production, such as new technologies and improved efficiency practices; and the issues for policymakers seeking to enhance participation in global production and maximize its benefits for host countries.
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.
Comprehensive reform of China s pension and social security system is an essential element of achieving its objectives of a harmonious society and sustainable development.
In China’s Social Insurance in the Twentieth Century, Aiqun Hu develops a framework of “interactive diffusion of global models” in examining the history of China’s social insurance since the 1910s. The book covers both Nationalist- and Communist-controlled areas (1927-1949) and Taiwan (1949-present), surpassing the party divide. It argues that China’s progression in social insurance resulted from diffusion of two global models (German capitalist and Soviet socialist social insurance) until the early 1990s. Thereafter, China’s social insurance reforms were increasingly directed by the World Bank’s neoliberal models, which also influenced Taiwan’s pension reforms. During the entire process, however, global forces provided the basic intellectual framework, while national forces determined the timing and specifics of adopting the models.
Scientific Essay from the year 2011 in the subject Business economics - Miscellaneous, grade: Grade A, , course: Economics, language: English, abstract: Social security is a government program that provides assistance to underprivileged persons. A system corresponding to the level of economic development is a logical requirement for coordinated economic and social development of any country. Initially China’s Social Security system was very poor, even today to some extent it is still bad. China is one of the biggest country with a largest population in the world and its economy being weak at a time, its social security was not well organized, but now the economy is getting stronger and is the second largest economy in the World, second to USA. Within 20 years it is projected to take over from USA. With this development, China needs to organize itself well, as far as social security is concerned. Even though China has tried to put a comprehensive social security system in place, accessibility is still low, as some places such as the rural areas do not have most of social security programs offered to their counterparts in urban areas. Keywords: Financial Liberalization, Integrity of the Market. JEL codes: F31
This book focuses on the public pension reform in China from both institutional and empirical studies perspectives. It introduces the process of the public pension reform in China and investigates its effects on households and firms’ behaviors and individuals’ well-being. It provides the reader with rich academic evidence for understanding the transformation of public pension and its effect on the household consumption, participating in risky financial market, and firms’ decision making on wage and employment, as well as individuals’ well-being. The main content of this book comprises three parts: (i) institutional transitions and issues on public pensions in China; (ii) the impact of public pensions on households or firms’ behaviors in China; and (iii) the impact of public pensions on well-being in China. This book provides rich academic evidence about these issues based on economic theories and econometric methods using many kinds of Chinese nationwide representative survey data. This book is highly recommended to readers who are interested in up-to-date and in-depth empirical studies on the issues of public pension reform, and its impact on individuals, households, and firms’ behaviors as well as well-being in China. This book is of interest to those who are interested in the Chinese economy, social security policymakers, and scholars with an econometric analysis background.
Since 1978, when China started remaking its economy, it has also embarked on an unparalleled effort at remaking its pension system to accommodate its hybrid economic model. This book tells the story of how China has managed to build a national pension system that now covers most of its population and what this system holds for its future. This book covers the following topics: evolution of Chinese pension system to its current form; benefit design, financing, and governance of current pension system; challenges facing the pension system, especially the looming funding shortage due to accelerating population ageing; solutions to the challenges; and lessons learned from the Chinese experience. Due to the fragmentation of pension system among 31 mainland provinces, we also select three provinces as case studies to help readers gain a richer understanding of how economic and geographic diversity has created disparity in pension benefit design and financing between provinces and within a province and how such disparity adds complexity and challenges to the pension system. This timely and important study provides up-to-date and in-depth analyses for policymakers and stakeholders to make informed decisions and will be relevant for all scholars and students of public administration and public policy studies.
Pension Sustainability in China: Fragmented Administration and Population Aging aims to investigate the impact of fragmentation and population ageing on pension sustainability in China. The book demonstrates how pension sustainability is compromised by various adverse effects produced by fragmentation, such as the moral hazard caused by the disarticulated intergovernmental fiscal responsibility. An overlapping generations (OLG) model is updated with the latest demographic data and is used to assess the impact of population ageing on pension sustainability. The book considers whether adjustment in retirement age can ensure long-term financial sustainability. It explores how, compared to the population ageing, the issues stemming from the fragmentation pose a more insidious threat to pension sustainability in China.