| Fund is the precondition of endowment insurance system. Wether balanced of endowment insurance scheme or not will decide endowment insurance scheme to operate normally. There are three financing patterns of social endowment insurance: pay-as-you-go scheme, fully funded pension scheme and partial accumulation foundation scheme.Financing pattern of social endowment insurance are both a theory question and a realism question. Evry fnancing patterns of endowment insurance has its financing rule of making both ends meet and has different factors to affect it.At present financing of social endowment insurance is main obstacle to inhabit social endowment insurance system to be improved continuously. With the aging of the population, it is difficult to sustain and to develop the pay-as-you-go scheme. On the othere hand, pay-as-you-go scheme is facing much financing risk because the modes of economic growth are changing greatly and stagnation of economy appear in many developed countries. More and more countries begin to carry out fully funded pension scheme or multi-bolster endowment insurance system in place of traditional financing pattern of social endowment insurance. Compared with pay-as-you-go scheme, fully funded pension scheme has many virtues. It can increase incentive of people and boost saving rate on the whole, stimulate people to pay for endowment insurance and avoid retirement ahead of schedule. Fully funded pension scheme is not a very perfect financing pattern. For example, it will be restricted by inflation and status of capital-market. Both transition cost and different attitude of vary colony are very important factors to affect the function of fully funded pension syste. In the process of this change, there have occurred Implicit Pension Debt in the personal accounts of middle-aged and old worker who started working before the entry into force of the the new system. In addition interest rate and income groth rate have important effects on balancing insurance fund and optimizing allocation of insurance resource. So under the fully funded pension system, the precondition of sustainable development of the endowment insurance system lies in the resolution of transition cost, realizing the "real-account" function of personal accounts, and trying to achieve a moderate increase in the investment return rate of the accumulated funds of personal accounts. Although Reform of financing pattern of endowment insurance system is a general problem in many countries in the world, every country should choose proper reformation project on base of its macro-economy situation, age structure of population and other socity ingredient.There are three types of viewpoint on choice of financing pattern of endowment insurance system in China. Someone propositions pay-as-you-go scheme, the other propositions fully funded pension scheme, and some peple proposition partial accumulation foundation scheme. There is great difference in choice of financing pattern of endowment insurance system in the world and financing patterns of endowment insurance are varying all the time. We should drive reforming experience from other countries and perfact our financing patterns of endowment insurance on base of the situation of our country.On the whole partial accumulation foundation scheme is more suitable for current Chinese economy than other types. Firstly, partial accumulation foundation scheme accords with Chinese stucture of age of gwork force in the future, and this type has more flexibility than pay-as-you-go scheme and fully funded pension scheme. Secondly, partial accumulation foundation scheme can avoid crisis to pay transition cost during a short time. Finaly, it can prevent risk from investment and inflation at a certain extent. Combination of social pooling account and individual account is a type of partial accumulation foundation scheme on the whole.Aging will climax around the year 2030 in Chnia. It indicates that endowment insurance scheme will face tremendouous pressure in income and expenses in about thirty years in our country. Chnia' s endowment insurance system has a very arduous task of guarding against risks. Firstly, characteristic of age structure of population is too many old people, and asymmetry of the old people among different area. Secondly, capital market is not very perfact in China. Thirdly, employment position is austerity with labour forece transfer from ountry to city gradually. In addition there are lots of people who can not or partially take part in fully funded pension system because they have a lower income in China presently.A lot of issues and measure on how to improve endowment insurance system are related to financing pattern. Since 1995 combination of social pooling account and individual account has carried out, but many problems are exposured in the course of system. Employee and employer have not too much enthusiasm in paying for endowment insurance system. Individual account of endowment insurance is only a " NDC " but not a "real-account" .The structure of multi-bolster endowment insurance system is unreasonable and the investment return rate of the accumulated funds is lower than majority country. The author try to study the choice of financing pattern of endowment insurance in China on base of the general rule and experience, and give some countermeasure on how to reply the crisis of present financing pattern of endowment insurance.The paper is divided into five chapters.Chapter one and chapter two introduce the basic theories of financing pattern of endowment insurance financing pattern. There are great difference in different financing patterns of endowment insuance system , such as on their revenue,risks,economy effect and effect on labour supply etc.This chapter also summarizes the factors which influence government to select financing patterns of endowment insuance. The auther analyses the practice of different financing patterns in vary countries,and also analyses the evolvement of financing institution of endowment insurance in China. Pressure and challenge which financing pattern of endowment insurance is facing at present are studied in chapter four. firstly. The coverage of Chinese endowment insuance system is small, IPD(Implicit Pension Debt) is burdened irrationally, combination of social pooling account and individual account is not perfect, and multi-bolster endowment insuance system are not in harmony. Secondly, it is a arduous task to balance finance scheme of endowment insuance during the period of economic and society transition in China. At present Unemployment is a very severe question and it will affect endowment insurance system in a certain degree. Otherwise the big gap in income between the rich and the poor and industry structure will affect finance scheme of endowment insurance greatly too. The auther gives countermeasures on how to improve financing pattern of endowment insurance system in China in chapter five. It is very important to be charged with transition cost—IPD of endowment insuance rationally. Both prolonging era of "population dividen" and perfecting combination of community and individual account will alleviate payment of the endowment insurance, and achieve sustainable development of the endowment insurance system in China.
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