| The mode adopted to foster the aged is closely linked with the development level of productive forces in a particular period. Along with the development of productive forces, human society has entered a stage of market-oriented economy nowadays. And it is proved by both theoretical researches and practical experiences that pension system is the most suitable way provided for the aged on the market-oriented economy condition.Encountering severe challenges arising from population aging in the transition process from plan-oriented economy to market-oriented economy, we find that the demand for pension system in China is in great and urgent need while its supply is far beyond satisfaction. As we know, people's income structure in China differs greatly from that in developed countries. Income structure in developed countries is composed mainly of the middle class which makes up the majority of US population and hence the structure looks like a "Spindle"; while in China, the class of less income which makes up the absolute majority of Chinese population lies in the bottom part of the income structure and the shape of the income structure is just like a "Pyramid". Since most of the high-income class lives in cities and towns with well-developed economy and most of the low-income class lives in rural areas with less-developed economy, China cannot imply the unitary pension system as developed countries do. In cities and towns, we can take many experiences in pension system in developed countries for reference, but in rural areas, carrying out pension system based on land may be a realistic way with Chinese distinctive characteristics to foster old people.Although population in cities and towns only makes up 20 percent of the total population, its GDP surpasses that in rural areas in large number, hence in this thesis, we focus our attention on pension system in cities and towns.Pension refers to the living expenses given to people in currency at regular times by the state or the enterprises or other certain agencies after their retirement from work, while pension system is the system planned by the state to ensure people' living costs by law when they lose their productive ability. Pension system being carried out in the present economic transition period in China includes three pillars: the basicpension, the occupational pension and the personal saving pension and takes integrating social pooling with individual account as its pattern.Pension system in Chinese cities and towns adopt "partial accumulation" pattern to raise its pension, for it's hard for workers at posts to bear the burden in "pay as you go" pattern because of the population aging in cities and towns 20 years later or in "full accumulation" pattern right now.Capital market in China is not well developed yet which is rather different from that in developed countries. That is why pension fund investment cannot depend too much on capital market in China. Therefore, we must explore some others ways to invest besides capital market, such as investment in industry, which can both lower its risk and ensure its benefits in the investment at the same time.Market failure is the theoretic basis for the government in developed countries to supervise their pension market. There are not only problems of market failure but also problems of imperfect economic system and moral risk during this transition period in China. Hence independent supervision agencies should be set up to participate more deeply in operating pension system and so as to strengthen the supervision of pension system.To set up state basic pension system in Chinese rural areas in the coming few years is impossible for the reason of the financial shortage of our government, great population in rural areas, less-developed economy and huge differences in living standard in different districts. All these decide that peasants should take care of them by themselves. Land and cheap labor are the sole resources in rural areas, hence to set up pension system based on land is a possibl...
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