Social Security Pension Reform in China

Martin Feldstein

NBER Working Paper No. 6794
Issued in November 1998
NBER Program(s):Aging, Public Economics

China has legislated a mixed social security pension system with a defined benefit pay-as-you-go portion and an investment-based defined contribution portion. This paper analyses the economics of these two types of systems in the Chinese context and calculates the advantage to China of using an investment-based portion. Several options for reform of the recently legislated system are considered.

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Document Object Identifier (DOI): 10.3386/w6794

Published: Feldstein, Martin. "Social Security Pension Reform In China," China Economic Review, 1999, v10(2,Jun), 99-107. citation courtesy of

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