Study On The Influence Of Basic Endowment Insurance Of Urban And Rural Residents On Consumption Of Chinese Residents

Population is one of the basic factors affecting economic development,which directly determines the potential growth rate of economic growth,especially the process of population aging,has a far-reaching impact on resident consumption.Since the reform and open up,the one-child policy has led to the accelerated arrival of the aging population in China,but the growth of the income level of residents is difficult to adapt to the process of population aging."Old before rich" has become a prominent feature of aging society.The motive of "saving for the aged" leads to a strong sense of prevention.Reducing consumption and increasing savings are rational choices for residents to cope with aging.And the lack and imperfection of social security system aggravate the preventive motive of residents.In order to alleviate the impact of population aging on resident consumption,following the basic old-age insurance for urban workers,the basic old-age insurance for urban and rural residents has been gradually established and gradually improved.The basic old-age insurance for urban and rural residents covers both urban and rural non-workers and non-insured residents.It is a beneficial system supply to improve the consumption level of residents and meet the people's needs for a better life.Through elaborate system design,it provides basic old-age insurance for urban and rural non-workers.The construction of basic old-age insurance for urban and rural residents began in 2009 with the pilot of new rural social old-age insurance and in 2011 with the pilot of basic old-age insurance for urban residents.In 2014,both of them were unified and merged into basic old-age insurance for urban and rural residents.At the beginning of the establishment of basic old-age insurance for urban and rural residents,one of the policy objectives was to "increase residents' income and expand residents' consumption".Since its establishment,has urban and rural housing insurance achieved its original purpose?Specifically,how does urban and rural housing insurance affect residents' consumption in terms of insurance premiums and pension income?What is the impact?If base on the perspective of consumption structure,how does urban and rural housing insurance affect the upgrading of residents' consumption?In order to answer the questions,based on the summary of the existing research,and with the application of modern economic theory and measurement technology,this paper constructs the consumption function and measurement equation including the factors of endowment insurance,based on the Buffer Stock model,using the panel data of 31 provinces from 2013 to 2017.Using panel fixed effect model(FE),this paper empirically studies the impact of pension premiums and pension income on the consumption expenditure and consumption structure of residents,measures the impact of urban and rural residents' basic pension insurance on residents' consumption,and then puts forward policy recommendations to improve the system.The results show that:(1)pension insurance contribution has a significant inhibitory effect on residents'consumption expenditure,but pension income has a significant promoting effect.In general,in 2017,urban and rural residents' basic pension insurance promoted residents' consumption by an average of 45 yuan;(2)pension insurance contribution and pension income have a significant impact on different regions' residents'consumption expenditure,the Eastern region is significantly higher than the Northeast region,the Central region and the Western region,the basic old-age insurance significantly promotes residents' consumption;(3)urban and rural residents' basic old-age insurance promotes the upgrading of consumer consumption to a certain extent,which promotes the reduction of residents' living consumption such as food,and increases the development consumption such as residential.But the enjoying consumption,such as culture,entertainment and education,has been reduced in general.Then,we put forward policy suggestions to improve the basic old-age insurance for urban and rural residents:(1)by increasing the propaganda of policies,properly improving the level of pension payment,improving residents' optimistic expectations of future pension income,thereby improving the level of residents' pension insurance contributions;(2)government finance and budget proposals should implement the idea of "people-centered" and increase the level of people's pension payment.The subsidy of basic old-age insurance for urban and rural residents should be strengthened to increase the pension income of the insured residents;(3)To alleviate the imbalance development of basic old-age insurance between different regions,we should adopt differentiation measures.