Research On The Impact Of Basic Pension Insurance On The Consumption Of Urban Residents In China Under The Background Of Aging

Since the end of the 20 th century,the degree of aging in China has been deepening,and the deepening of aging has become the main feature of China’s demographic changes.The growing number of elderly people has led to a deepening of the aging,which affects the consumption structure and ultimately affects consumption growth.After the 2008 financial crisis,China’s economic growth slowed down,and the way it relied on investment and exports to drive economic growth was affected.Relying on consumption to stimulate economic growth can withstand the impact of changes in the external environment on the economy.In the past two years,the international situation has been unstable,and the role of consumption in economic development has become more apparent.From the data of urban residents’ consumption levels from 2008 to 2017,the total consumption of each region has increased significantly,but the growth rate of final consumption rate is very small,indicating that the contribution rate of urban residents’ consumption to economic growth is not Increase with the increase in total consumption.Consumption of urban residents as an important part of consumption has an important role in promoting the economy.Increasing the consumption rate of urban residents can reduce government pressure and ensure the sustained and stable operation of the economy.Income is the most important factor affecting household consumption.In theory,basic endowment insurance,as an important means of income redistribution in China,can increase the income of low-income people and regulate excessive income,thus promoting consumption.However,with the deepening of aging,whether the basic old-age insurance system can enhance residents’ consumption confidence,reduce preventive savings,promote urban residents’ consumption,and finally achieve the role of promoting sustained and stable economic development is a test for China’s basic endowment insurance system.The relationship between basic old-age insurance and household consumption has always been a hot issue in academic research.The basic endowment insurance system based on life cycle theory and generational overlap theory will have a crowding effect on residents’ consumption,and the basic endowment insurance system based on the retirement effect and preventive savings theory will have a crowding effect on household consumption,so basic The impact of pension insurance on household consumption cannot be determined.The main body of consumption is people.The current demographic characteristics of China is that the elderly population is increasing,and the degree of aging is deepening,which will affect consumption.Under the background of deepening aging,basic pension insurance can be used as a system to smooth people’s lifetime consumption.It has a positive effect on consumption.Therefore,based on the combination of theory and evidence,this paper uses the national and 31 provincial and municipal panel data from 2008 to 2017 to add per capita consumption level of urban residents and on-the-job employees based on the theoretical model of life cycle.The average wage level,pension fund income and expenditure data,basic pension insurance replacement rate and the degree of aging,through linear regression,the coefficient of influence of basic pension insurance on urban residents’ consumption.The empirical results show that the average wage level of employees in the post has a significant role in promoting urban residents’ consumption,and the change in the average wage of on-the-job employees in the central and western regions has a greater role in promoting consumption.Basic pension insurance expenditures have significantly contributed to the consumption of urban residents in certain areas.Under the variable coefficient model in the central and western regions,the impact of the basic old-age insurance system on consumption is higher than that in the eastern region.Under the constant coefficient model,the effect of the pension insurance system in the eastern region on consumption is more obvious.After the introduction of the aging variable,the coefficient of each region has been reduced.Ageing variables have a significant impact on certain provinces in the eastern and central regions.Therefore,this paper proposes to promote the consumption of the economy by exploring new economic growth points,raising the per capita income level,improving the pension insurance system and alleviating the aging process.