The Chinese Pension System
---- Acknowledgments ----
This paper is written for Handbook on Chinese Financial Markets, edited by Marlene Armstad, Guofeng Sun and Wei Xiong. We are grateful to the Editors for guidance, and for the conference participants in Shenzhen Institute of Finance for useful comments. We are responsible for the remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.