The Formation and Development of China’s Combination Model of Social Pooling and Individual AccountsReport as inadecuate




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In the late 1970 of the 20th century, China began to shift from the traditional planned economy to market economy, which undertook a series of system innovations during the process of economic restructuring. In the context of economic restructuring and the ageing of the population, old-age insurance system in China also carried out a range of system innovations. From the perspective of institutional innovation, this article studies the innovation process from pay-as-you-go system to the current combination model of social poling and individual accounts, the creative mode of which appears a system imbalance, for example, low level of pension plan as a whole, empty account operation of individual account and large evaluation risk of fund and so on. Due to the system of innovation is a dynamic process, so the author considers that the future old-age insurance system should be further institutional innovation and implementation of the -nominal accounts- system, in order to better bridge the insufficient combination model of social poling and individual accounts, which makes China-s endowment insurance system more effective.

KEYWORDS

institutional Innovation; pay-as-you-go system; combination model of social poling and individual

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Author: Bo Sun, Zijing Zeng

Source: http://www.scirp.org/



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