Chinaís Pension System A Vision
China is at a critical juncture in its economic transition. Comprehensive reform of its pension and social security systems is an essential element of a strategy aimed toward achieving a harmonious society and sustainable development. A widely held view among policy makers is that the current approach to pension provision is insufficient to enable China’s economy and population to realize its development objectives in the years ahead.
The government has articulated principles for what it would like to achieve in a reformed pension system: an urban system that "has broad coverage, protects at the basic level, is multilayered and sustainable,” while for the rural system has broad coverage, protects at the basic level, is flexible and sustainable.” This volume aims to articulate such an integrated holistic vision for strengthening old-age income protection in China consistent with the principles outlined.
Over the last few years, the government has considered various options and initiated several significant measures. A major reform of the urban old-age insurance system was undertaken in 1997 and subsequently has had refinements. In 2009 the authorities established a national framework for rural pensions, the new Rural Pension Pilot Program (NRPP), which became the New Rural Pension Scheme (NRPS), and in mid-2011 announced a national pilot Urban Residents Pension Scheme (URPS), completing a national framework aimed at universal pension coverage.