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Rural Pension Reform in China:
Lessons from Latin American Countries
by
Fang Lianquan
Institute of Latin America Studies
Chinese Academy of Social Sciences
DongCheng, Beijing 100007 China
Email: fanglq@cass.org.cn
Phone:+8610 136 910 68913
Esteban Calvo
School of Business and Economics
Universidad Diego
Portales Av. Ejercito Libertador 260 Santiago, 8370056, Chile
Email: esteban.calvo@udp.cl Phone: (+562) 676-2829
John B. Williamson
Department of Sociology
Boston College
Chestnut Hill, MA 02467 USA
Email: john.williamson@bc.edu
Phone: + 1 617 552 8530
Abstract
Over the last three years, China has made substantial progress in pushing forward its New Rural Pension program that already “covers” more than 60% of rural counties. Currently, this new scheme has two components: (1) a contingent social pension referred to as the “basic pension,” that is financed using general revenues from both the central and local government, and (2) a voluntary funded defined contribution individual account component. However, it is starting to become clear that this new program is facing challenges with respect to both pension coverage and pension benefit adequacy. These two issues have obvious implications for the overall objective of reducing old-age poverty in rural China. The primary goal of our research is to come up with further suggestions for rural pension policy reform in China based lessons drawn from relevant pension schemes in place in several other countries, particularly those in Latin America. Our analysis of the evidence leads us to the conclusion that it would make sense for Chinese pension policymakers to consider a transition to a modestly revised variant of the current NRP. Like the original NRP our proposal includes two components: one is a universal non-contingent non-contributory social pension and the other is a voluntary “matching defined contribution” scheme based on the pay-as-you go notional defined contribution model or on the pre-funded IRA defined contribution model.
Key Words Social pensions, non-contributory pensions , notional defined contribution pensions, funded defined contribution pensions, China, Latin America.