The Chinese Orientation of Social Policies of New Socialized Old-age Insurance System in Rural Areas in the Post Financial Crisis Era

Min Song

doi:10.5539/ass.v12n1p257

Abstract

<p>As one of the important social policies, the new socialized old-age insurance system in rural areas has played a vital role in the construction of Chinese social security system in the post financial crisis era. Manifesting national responsibilities，it has embodied the core concept of social policies, and had a great significance for boosting domestic demand. Therefore, this thesis, on the basis of this new system, can continually perfect Chinese pension security system and promote the sustainable development of the social security course.</p>

Highlights

Social policies are the basic function of government in modern market economy and the means for government to intervene in social life and to meet market failure, which is aimed at satisfying social needs, soothing social problems, easing social relation and promoting social justice (Yue, 2009)
As one of the important social policies, the new socialized old-age insurance system in rural areas has played a vital role in the construction of Chinese social security system in the post financial crisis era
The financial crisis, has brought us an inspiration: domestic demand is the backbone for the economic development in a sustainable, rapid and stable manner while it is hard for the export-oriented economy to ensure the safety of one country

Summary

The Relation between the Economic Development and Social Policies in China

The world economic situation has undergone great changes due to the financial crisis resulting from subprime crisis occurring in America to sweep across the whole world in 2008. Improving the social security system is the essence of Chinese economic sustainable development in the post financial crisis era It is the premise for promoting rural consumption that there is no worry about the old-age insurance and increasing incomes of farmers. As a significant social security system and a preferential policy for farmers in China, the implementation of the new system demonstrates the resolution for central government to address farmers’ concerns, boost farmers’ consumption, accelerate Chinese economy out of international financial crisis and maintain Chinese economy stable and sound. It is an important social policy in the post financial crisis era

The Core Concept of Social Policies of the New System

The National Responsibilities of the New System

The Relation between Social Policies and Economic Policies

The Significant Meaning of the New System on Boosting Domestic Demand

The Sustainable Development Driven by the New System

Conclusion