The Research Of The China's New Rural Pension Insurance's Influence On The Peasant Household Savings

In the process of economic development in rural China,the preventive savings made by families against old age,medical treatment and education are one of the reasons why the rural savings rate continues to be high,which inhibits the improvement of household consumption level and leads to the phenomenon that the high savings rate in rural areas is difficult to be transformed into consumer demand.The academic circles generally agree that social security is an important measure to alleviate this phenomenon,so in 2009,our government put forward a new type of the New Rural Social Pension Insurance(hereinafter referred to as the New Rural Insurance),speeding up the construction of rural social old-age security system,changing the pension model of family self-saving,and providing better old-age security for residents.The 19 report,based on the goal of "completing the national integration of old-age insurance as soon as possible,realizing the residents'elderly and achieving common prosperity for all the people",has provided higher requirements for the development of new agricultural insurance,so it is of great significance to evaluate the policy effect of the new agricultural insurance and its impact on rural families.The theoretical analysis of this paper shows that the new agricultural insurance policy has an alternative effect on private pension savings by changing farmers'expectations of future pension uncertainty,which leads to the decline of farmers ' savings rate.Using the data from 2012-2016 in the China Family Panel Studies data(CFPS),the paper estimates the influence of the new rural social endowment insurance on the rural household savings behavior by using the method of Different-in-Difference regression(DID)and the Quantile regression.The influence of the new rural insurance on farmers'savings in the east and central regions and different savings points is tested,and finally the accuracy of the benchmark results was tested by placebo experiment,and the robustness test was carried out by using the total amount of cash and household deposits and consumption expenditure as the explanatory variables.The measurement results show that the new rural social endowment insurance can significantly reduce the savings rate of peasant households,the more obvious the effect of this phenomenon in the households with lower savings level,the effect of participating in the new agricultural insurance to reduce household savings is significantly higher in the eastern and western regions than in the central region,and the robustness test leads to the significant increase of household consumption expenditure.In addition,the worse an individual's health,the more he may choose to convert household savings into medical consumption,and the higher the income of farmers,increases the savings rate of households.Finally,this paper summarizes the development status and problems of the new agricultural insurance,and holds that China should continue to strengthen the publicity of policies in the future,enhance the state's financial support,improve the status quo of the low contribution level of new agricultural insurance,rationally adjust the overall mechanism of the regions,promote the development of the new agricultural insurance policy,and strengthen the construction of rural endowment This can not only improve the elderly without old age,but also increase the consumption of the residents in the current period,promote rural economic development.