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Sustainability 2014, 6(6), 3271-3290; doi:10.3390/su6063271

Assessing the Financial Sustainability of China’s Rural Pension System

1
Department of Social Security, School of Public Policy and Administration, Xi'an Jiaotong University, Xi'an 710049, China
2
Johnson-Shoyama Graduate School of Public Policy, University of Saskatchewan, Saskatoon, SK S7N 5B8, Canada
*
Author to whom correspondence should be addressed.
Received: 31 March 2014 / Revised: 14 May 2014 / Accepted: 16 May 2014 / Published: 27 May 2014
(This article belongs to the Special Issue Sustainability in China: Bridging Global Knowledge with Local Action)
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Abstract

Considering the rapid growth of China’s elderly rural population, establishing both an adequate and a financially sustainable rural pension system is a major challenge. Focusing on financial sustainability, this article defines this concept of financial sustainability before constructing sound actuarial models for China’s rural pension system. Based on these models and statistical data, the analysis finds that the rural pension funding gap should rise from 97.80 billion Yuan in 2014 to 3062.31 billion Yuan in 2049, which represents an annual growth rate of 10.34%. This implies that, as it stands, the rural pension system in China is not financially sustainable. Finally, the article explains how this problem could be fixed through policy recommendations based on recent international experiences. View Full-Text
Keywords: aging; pensions; financial sustainability; funding; rural residents; China aging; pensions; financial sustainability; funding; rural residents; China
This is an open access article distributed under the Creative Commons Attribution License (CC BY 3.0).

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Wang, L.; Béland, D. Assessing the Financial Sustainability of China’s Rural Pension System. Sustainability 2014, 6, 3271-3290.

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