Abstract
Faced with concerns about how to finance pensions for present and particularly future retirees, Chinese policy makers concluded that their traditional defined benefit pension scheme was not going to be sustainable. They, like pension policy makers around the world, have been looking for alternatives and have tentatively decided to go with a multi-pillar scheme that includes a major funded defined contribution pillar. We question the wisdom of that choice and explore two alternatives, one for urban workers based on the notional defined contribution (NDC) model and one for rural workers based on the universal social pension model.
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