Research On The Mode Of Raising Capital Of Pension System During The Period Of "Demographic Dividend"

In order to deal with the challenge of aging population, China has set up the combination of social pool and individual account, a new mode of raising capital for the basic pension system. However, it has lots of problems when it is actually operated in China, and this pension system should be reformed further. By using the tool of the latest western theory of"demographic dividend"and combining Chinese present situation of"demographic dividend", the author proposes that the Chinese government should set up a multi-pillar pension system whose primary pillar is the full-funded individual account to create a better institutional condition, so we can exploit and extend"demographic dividend"to deal with the crisis of aging population effectively.The thesis consists of six parts.The first part is introduction. The thesis starts at the reality that China is staying in the period of"demographic dividend", then introduces foreign and local scholarship with brief words, finally, the author illuminates the textual research thread and research method.With the theory of"demographic dividend", the second part examines the China's economic growth miracle from its reformation and openness. On the basis of this study, the author points out the important effect of China's demographic transition to its economic growth and exposes the existence of"the first demographic dividend"and"the second demographic dividend"during the process of demographic transition. Meanwhile, the author emphasizes that the time we regale ourselves on"demographic dividend"is limited. In order to effectively deal with the problem of"demographic debt"induced by aging population, the Chinese government should reform the mode of raising capital of pension system to create a better institutional condition, so we can fully exploit the potential of"demographic dividend".The third part analyzes economically the two basic modes of raising capital of pension system:pay-as-you-go system and full-funded system. Then the author points out that the essential of reformation about pension system is to arrange the two basic modes of raising capital rationally according to the condition of economic growth and the structure of population age. Firstly, the fourth part looks back the reformation process of Chinese pension system.Secondly, on the basis of analyzing a mass of date and the current situation of pension system, the author points out that the present mode of raising capital of pension system is faced with lots of crises. Finally, the author suggests that the Chinese government should catch hold of the historical opportunity resulted from"demographic dividend"to reform the present mode of raising capital of pension system, so we can exploit the potential of"demographic dividend"and extend the period of"demographic dividend".