Research On The Effect Of Basic Endowment Insurance On Household Consumption Of Chinese Urban And Rural Residents

Investment,consumption and net export drive the national economy,and investment and net export are the main forces.In recent years,under the impact of the epidemic,China’s import and export have been developing slowly,and investment has undergone structural adjustment under the background of supply-side reform to cut overcapacity.As a result,the engine role of domestic demand for economic growth has been placed in a prominent position.For China,economic growth is shifting,the aging population is increasing,consumption level is low,consumption potential is not enough,low consumption,high savings pattern,the problems of the social security system become prominent,the system fairness,sustainability is facing challenges,in this case,to improve the social security system is the top priority.In the Twenty Report proposed,our country needs a comprehensive coverage,comprehensive urban and rural,fair unification,security regulations and sustainable multi-level social security system.We will expand the coverage of social insurance,improve the mechanisms for raising funds and adjusting benefits for basic old-age insurance and basic medical insurance,and coordinate basic medical insurance,unemployment insurance,and work-related injury insurance at the provincial level.Therefore,this paper focuses on the basic endowment insurance system of urban and rural residents in the first pillar of the endowment insurance system.Taking the unified basic endowment insurance as an example,it explores the influence of basic endowment insurance on the family consumption of Chinese urban and rural residents.On the one hand,this paper starts from the theoretical point of view,according to the Angle of life cycle hypothesis,expound the theoretical basis of urban and rural residents’ basic endowment insurance system affecting household consumption.On the other hand,from the perspective of reality,this paper analyzes the development process and current situation of basic endowment insurance system in urban and rural areas,and puts forward suggestions and prospects for the future development direction.This article uses CHFS data takes the basic endowment insurance system of urban and rural residents as the research object,and applies propensity score matching and least square method.The differences of household consumption level and consumption structure among different household registration,age and region are analyzed.The results show that,from the perspective of consumption level,the participation of urban and rural residents in the endowment insurance can significantly increase household consumption expenditure and improve the consumption structure.Regionally,it has the most obvious effect on household consumption in the northeast and western regions.From the aspect of household registration,the effect of rural household registration is more significant than that of urban family;In terms of age,people over 59 were most affected by insurance coverage,followed by those between 45 and 59,and those under 45 had a inhibitory effect.From the marital status of life,married families have a high level of consumption,and the consumption of enjoyment and development accounts for a relatively high.In terms of health status,the healthier the family,the more affected by insurance.In terms of education and level,the higher the education level,the better the consumption structure.Based on the research conclusions,this paper puts forward corresponding policy suggestions: first,improve the social security level of basic endowment insurance for urban and rural residents and narrow the security gap.Second,we will coordinate the national social endowment insurance system to ensure full coverage of the insured population.Third,we will optimize the supporting system of basic endowment insurance for urban and rural residents.We will effectively connect support systems such as the higher education subsidy system,the subsistence allowance system,and the medical assistance system with the basic endowment insurance system for urban and rural residents.Fourth,strengthen the cooperation between commercial insurance institutions and give full play to the complementary role of commercial insurance.