Social Security Pension Reform in China

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

中国已立法建立混合型社会保障养老金体系，该体系包含确定受益型现收现付（defined benefit pay-as-you-go）部分与投资型确定缴费（investment-based defined contribution）部分。本文结合中国国情分析这两类体系的经济效应，并测算采用此类体系可为中国带来的优势。