The Research On Effect Of China's Endowment Insurance For Urban Residents' Consumption

Since the implementation of the reform and opening up in 1978,consumption,investment and exports have become the three major driving forces for accelerating the sustained and rapid progress of our economy.Among them,consumer demand is the most important factor for achieving long-term stability and promoting economic growth.However,in recent years,China's economy has been increasingly dependent on investment and exports for economic growth,while consumption has stagnated.The reason,the high savings rate can not be ignored because it leads directly to the residents of consumer demand weakness,and declining year by year.Although the government attaches more importance to the development of resident consumption and vigorously promote the reform of the consumption system,the long-term sluggish consumption has become a major bottleneck in China's economic growth.At this stage,the effective demand in our country's economic operation is still not enough,and the consumption of residents is weak.In fact,in response to some uncertainties in the future,people tend to save rather than consume.Of course,consumption as a major economic subject,which is affected by various factors,such as the amount of income,price levels,consumer spending habits and other social welfare policies,of course,social security is one of the important factors.As the contradiction between economic development and social issues in our country is increasingly aggravated,a fair and perfect social security system as a kind of social policy plays a role of "safety net" for social stability.However,China's pension insurance started late,there are many problems,in many aspects still need to be further complemented and improved.At the same time,the problem of aging is exacerbated.In the future,the problem of providing for the aged is paid more and more attention by the government.The problem of providing for the aged is not only a social issue but also an economic issue.Will the issue of pension adequately solve the problem of how much the current population consumes and how much is saved.The degree of perfection of the pension system directly affects the residents' expectation of all kinds of consumption for the elderly in the future.Therefore,studying the impact of the current pension insurance system on residents' consumption helps to recognize the existing problems in the pension insurance system.It is of great significance to study the reasons for the downturn in consumption from the point of endowment insurance so as to stimulate consumption and achieve economic growth.For the impact of pension insurance on consumption,many domestic and foreignscholars have studied it and reached different conclusions.Based on the former theoretical research,combined with the national conditions of our country,we use the panel data from 2005 to 2013 to analyze the life cycle model as the theoretical framework to study the effect of pension insurance on consumption.The results show that although the level of consumption of urban residents is still dominated by disposable income,the pension system has already had a positive and positive impact on consumption.This shows that China's pension insurance system has been on the right track,began to promote consumer spending,but the role of promoting relatively low;also found that with the continuous improvement of living standards of urban residents,people are more willing to endowment insurance income will be spent High-level consumer goods,such as education,entertainment,healthcare and housing,while basic necessities such as food and clothing no longer have to be borne by endowment insurance.