Abstract
This article provides a critical review of the Chinese New Rural Pension System (NRPS), which combines a voluntary funded defined contribution (FDC) pillar with contingent social pensions (SP). NRPS successfully expanded rural coverage and thus emerged as a potential model for other developing countries. However, NRPS is also facing challenges with respect to future incentives for participation among younger workers, benefit adequacy, and financial sustainability. We discuss the strengths, weaknesses, and feasibility of expanding the number of participants and generosity of the SP pillar, switching to a matching defined contribution scheme, and exploring a novel notional matching defined contribution scheme.
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