The Research On Coupling And Coordination Of Three Pillars Of China's Pension Security System

The aging trend in China becomes increasingly serious,so the government,enterprises and individuals are exploring efficient and balanced multi-pillar pension security pattern.At present,China's Pension Security System consists of three main pillars.The first pillar is social endowment insurance enforced by the government.The second pillar is enterprise annuity or occupational pension plan participated voluntarily by enterprises and individuals,and the fund in those plans accumulated continuously.The third pillar is commercial endowment insurance based on personal savings.However,the scale of the "empty account" under individual social endowment insurance reflects that three pillars have not yet reached equilibrium.Simultaneously,the government has put forward higher demands on the coordinated development of these three pillars.In order for the improvement of China's old-age security system,this paper analyzes the coupling and coordination degree of these three pillars from a quantitative perspective,then reviews the Pension Security System in other four countries to gain related experiences.At first,this paper analyzes the characteristics of each pillar from following five aspects:subjects of liability,development processes,operational targets,security methods and risks.Then this paper clarified that the relationship among these three pillars is not only compensatory but also interdependent.Thus,there is an inherent demand to accelerate the coordinated and harmonious development of these three pillars.Furthermore,with the application of the deviation-minimization Coupling Coordination model of compound system,this paper researches the Coupling and Coordination degree of China Pension Security System's three pillars(social endowment insurance,enterprise annuity and commercial endowment insurance)based on the data from 2007 to 2015.Results show that the development of these three pillars gradually evolved from disorder-verging in 2007 to high quality coordinated development in 2015.Meantime,the first pillar(social endowment insurance)had caught up with the third pillar(commercial endowment insurance).Subsequently,this paper selects Russia,Chile,Australia and the United States as the representatives,and conducts the comparative analysis between each representative country and China about the detailed circumstances of their Pension Security Systems.Hence,some experiences,including promoting the preferential taxation policy for second and third pillar,establishing a sound pension fund investment market,etcetera,can be drawn.At last,based on the results of empirical measures and comparative analysis,this paper puts forward some suggestions for improving the coordinated development of the three pillars of the Pension Security System in China.