| Since the reform and opening up from 1978, consumption, investment and exports became a driving force to promote sustained and rapid economic advance. Among them, the most important thing to promote economic growth long-term stability is consumer demand. However in recent years, China’s economic growth has become increasingly dependent on investment and exports, while consumption has stagnated. The reason for the high savings rate can’t be ignored because it led directly to the residents of weak consumer demand. The reason of savings increased is not only because the level of income has improved compared with the past and the income distribution gap appears to expand, but also, has related to some uncertainty things when our country in transition, like medical, pension, housing and other factors. With the increase of the proportion of the aging population, pension began to play an important role in economic development. The pension system can stimulate consumption growth by increasing residents’disposable income, adjustment of income redistribution and reduce residents’savings motive and other methods. Therefore, the research of impact on consumer of pension insurance, with the continuous development of China’s pension system improvement, becomes more and more meaningful. Based on some previous research on the basic theory, combined with China’s national conditions, according to the 2005-2013 panel data, this page study the effect of pension for consumption. The results show that, although the level of consumption of urban residents is still affected by disposable income-based, but the pension system already has a positive impact on consumption. This shows that our pension system has been on track to begin production promoting effect on consumption. Besides, along with rising standards of living for urban residents, people prefer to income arising from pension spending a high level of consumer goods, such as education and entertainment, health care and housing. |
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