Research On Fiscal And Tax Policies To Promote Thedevelopment Of China’s Pension Services

At present, our country is in the stage of rapidly development of population aging and urbanization, following the rising of elderly dependency ratio and the transformation of social relations and inter generational relations. And the traditional family endowment function is facing great challenges, It is bound to bring a great impact on China’s social, economic, political, cultural, financial and other aspects. Overall, China’s pension services industry is still in the primary stage of development, failing to meet the growing demand of pension. There are some problems still, For example, the obvious contradiction between supply and demand, simple pension products and services and so on. Involved in almost all aspects of social life, pension services have great potential. Accelerating the development of pension services, on the one hand, It can meet the growing demand of pension, improving the living standards of residents. On the other hand, it can expand the domestic demand, promoting the development of national economy. Therefore, it has become a pressing matter of the moment to promote the harmonious development of economy and society by accelerating the development of pension services.Fiscal and Taxation policy are important means used by the government to regulate industrial structure and economy. It is of great significance for pension services to formulate reasonable and effective fiscal policy. Even though, to some extent, the existing fiscal and taxation policy can promote the development of pension service industry. But there are still many problems in the aspects of promoting the development of pension services on the whole. For example, fiscal and taxation policy is scattered and low-level, financial investment is insufficient, the way of financial investment is not reasonable, tax policy lacks of incentives and so on. The reform of fiscal and taxation policy of China’s pension service industry is imminent.Based on the above considerations, this paper analyses systematically the present situation of pension services industry and its fiscal and taxation police. Then this paper discusses the theory of mechanism that fiscal and taxation police used to promote the devepment of pension services industry. By using the inter-provincial panel data from 2004 to 2013 of China, this paper examines influential factors in Chinese pension services industry. This article puts forward the overall train of thought of improving the current fiscal and taxation system and several policy recommendations. This paper argues that China should increase investment of finance and taxation of pension services, and actively explore new pension model,starting from the inventory of private capital, strengthen financial innovation and promote long-term development of the pension industry.