National characteristics of pension insurance system in China

Abstract

Aim. To determine the directions of development of the pension insurance system in China, taking into account the peculiarities of its creation and development in the conditions of modern demographic trends.Tasks. To study the impact of population ageing on the Chinese economy; to analyse the pension insurance system in China; to determine the prospects and recommendations for improving the sustainability of pension insurance in China.Methods. The study is based on the use of methods of scientific knowledge, analysis and synthesis, comparison, application of systemic and institutional approaches to assess the pension insurance system in China.Results. The paper studies the formation and development of the pension system of the People’s Republic of China. The article analyses the dynamics of economic indicators on pension and insurance markets of China, presents the characteristic of demographic situation. The assessment of the sustainability of social security in China is presented.Conclusions. Basic pension insurance dominates the Chinese pension system. Accelerating population ageing is a major challenge for the system. At the same time, corporate and individual insurance have a certain potential for growth, as a result, it is the dynamics of their development that will determine the vector of development of the entire pension system of China.