The Perspective Of China’s Social Pension Insurance Revenue And Expenditure Systems Under The Economic Growth

For many years in our country policy reform, centered on the revenue and expenditure of social endowment insurance guarantee fund operation balance and the basic life of old people, ignoring the revenue and expenditure policies to promote economic growth function. Although according to 2015 national annual pension fund balance to achieve growth, but the growing aging population crisis will hamper operation and development of the social pension insurance payments policy, also through the residents’ consumption, savings, investment, and human capital accumulation and other ways to control the lifeblood of China’s economic development.By the existing literature, the related scholars focuses on the research from the Angle of the welfare system of social endowment insurance of design, fund operation and handling pension fund problems caused by Pareto improvement, or using Overlapping generation model and other theories of single study of endowment insurance system itself, how to promote a country’s economic growth. Based on the growing aging population leads to lower pension payments to protect society policy reform difficult background, the theory of economic growth, combined with the residents’ consumption, saving, investing and human capital accumulation and other variables, research the social endowment insurance payment policy and two-way interactive relationship of economic growth. According to evolution and history of China’s economic development and social endowment insurance system, and explore dependencies between the evolution of the practice.In order to explore the social endowment insurance policy payments of whether economic growth impetus, According to Aiken and West(1991) about the interaction of centralized return to processing requirement, this paper collected and compiled in the panel data of 31 provincial units span 13 years, will adjust variables(social endowment insurance expenditure and income) respectively with explanatory variables(residents consumption, savings, investment and education expenditure) cross multiply interactive items, use of the individual fixed effects model validation interaction study of social security payments by the influence of explanatory variables. The empirical results show that: 1. Social endowment insurance expenditure item interactions produce positive promoting effect on economic growth; 2. The income of social endowment insurance interactive items produce negative effect on economic growth; 3. Based on the absolute comparison of economic growth change, spending policies will be better than the incomes policy. So the implementation of the system of social endowment insurance will promote the overall economic growth; 4. Economic growth will reverse promote increased social pension insurance payments amount.According to the theory and empirical research, this paper presents Reform Chinese social endowment insurance policy should guarantee payments to the functional type conversion. Among them, the functional system of social endowment insurance emphasizes the balance of payments policy flexibility, balance and generational balance within no longer stick to the generation of annuities. Refer to the function of financial thinking to adapt the economic situation and the targeted deficit and surplus regulating pension funds, endowment insurance functioning society participation in the economic growth of revenue and expenditure policy initiative to promote both economic and social pension insurance system long-term balanced development.