Abstract
In the process of transforming from planned economy to market economy, both China and Russia faced the issue of pension reform. There are similarities in the reform and development process and the system model of the pension security system in China and Russia. Transition from planned economy to market economy and aggravation of population aging are main reasons for the reform of pension system in both countries. Under the influence of the World Bank and other international organizations, China and Russia have gradually established a multi-tier pension system, with the state, enterprises and individuals sharing the pension costs. Differences also exist in the old-age security system of China and Russia.
Highlights
Both China and Russia transformed from planned economy to market economy in the 1990s
The responsibility to provide pension benefit was only borne by the basic old-age insurance program, which was funded by national finance
Such a structure of pension funds management was uncharacteristic of foreign pension models but it played an important role in the development of the social security system in Russia
Summary
Both China and Russia transformed from planned economy to market economy in the 1990s. During this process, both countries had reformed the old-age insurance system in order to adapt to the social and economic situation. This paper analyzes the reform process of establishing multi-tier old-age insurance system in these two countries and the current situation of major old-age insurance programs in the second part and third part of this paper. The fourth part of this paper compares the commonness and differences of old-age insurance system in these two countries
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