The Impact Of New Social Pension Insurance For The Chinese Rural Residents’ Household Consumption

Our accelerated aging, the In the year of 2014, the population of aged 60 or older in rural areas is 123 million, accounting for around seventy percent of the elderly population of 177 million. In 2009, the pilot of the new rural social pension insurance system to guarantee the basic livelihood of rural residents aged level. Global financial crisis entered the second phase, the domestic consumption demand, especially consumer demand of rural residents more prominent. How to break the situation of high household savings rate, increasing consumption of residents, so as to promote economic development has become an urgent problem of the current government, but also the academic issues of common concern. Some scholars believe that to solve this problem, you need to establish a sound social security system of the roots, reducing household precautionary savings as pensions, education and health care in the future relatively heavy burden may face carried out, thus by higher social the level of protection to promote consumption. Some scholars believe that improving the level of social protection is likely to indirectly reduce household disposable income to make, which is not conducive to expanding domestic demand and promoting consumption. Through the implementation of the new rural social pension insurance, establishing a social security system of covering urban and rural residents, improving rural welfare and gradually narrowing the gap between urban and rural areas, the ability to increase the consumption needs of rural residents, and to improve the quality of economic becomes a new important issue at this stage.Through combing and inducting many researches of many scholars at home and abroad, firstly, This paper reviews the research on the relationship between domestic and international pension and consumption; the status quo and article describes the new rural social pension insurance system and mechanism analysis on the impact of rural household consumption, which are for the later creation model and empirical analysis laid the theoretical foundation. Secondly, the rural areas are very important policy changes, the new rural social pension insurance pilot project began in 2009, with a fixed effects model and the double differential model to estimate the impact of the new rural social endowment insurance policies on rural household consumption. Finally, the results obtained by empirical analysis and the corresponding policy recommendations. In this paper, the 2010 and 2012 years of data CFPS database, select the sample across the country, using the fixed effects model differences beforehand control the behavior of the insured and the double differential model endogenous control study among objects on the new rural social pension Insurance policies affect household consumption of rural residents who make a quantitative analysis and propensity score matching(PSM) for the quantitative measurement model analysis robustness check, so the estimated bias is reduced. The empirical results showed that there is influence of new rural endowment insurance on household consumption of rural residents positive role in promoting the domestic consumption of rural residents in general. China after the implementation of the new rural pension insurance policy, household consumption of residents participated in the new agricultural insurance program was significantly higher than rural residents uninsured, up to 31%, and per capita health care spending, and per capita consumption expenditure per capita clothing culture and education spending It has significantly improved. Rural residents to participate in the new agricultural insurance programs in the future, their insurance expenses and government subsidies will replace them and prepare for precautionary pension savings, thus increasing current consumption, so that an increase in household consumption of rural residents.