Abstract
In the 13th FYP period, with the advent of an aging population, the demand for social security such as senior citizen care and medical care has increased rapidly. Population urbanization requires the establishment of a unified social security system between urban and rural areas. Expanding domestic demand and boosting consumption depend on a sound social security system. The 13th FYP should focus on the national pooling of basic pensions, speed up the establishment of a fair and sustainable social security system, consolidate the institutional foundation supported by social policies, and provide strong impetus for economic transformation and upgrading.
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Notes
- 1.
Only over 20% of the Elderly in China Live Mainly on Pension. Beijing News, October 23, 2012.
- 2.
Zheng Xin: Study on the Relationship Between Rural Poverty and Social Security Level—Based on the Statistics Analysis of 30 Provinces and Cities (sic.). Shanghai University of Engineering Science, Master Degree Thesis, 2014.
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Dongguang’s Basic Pension Minimum Guarantee Line Raised. Southern Daily, September 12, 2013.
- 4.
The basic estimate is as follows: by calculating according to the average urbanization rate 56.1%, the subsidy needed for urban senior citizens is 143.74 million × 0.561 × 439 yuan × 12 = 424.80172 billion yuan (US$71.3003 billion); the subsidy needed for rural old-aged residents is 143.74 million × 0.439 × 255 yuan × 12 = 193.09169 billion yuan (US$32.1819 billion), the sum total of which is 617.89 billion yuan (US$102.98 billion). The actual amount of money needed should be smaller than this estimate, since the rural population is more aging and one part of the existing expenditure of subsistence allowance is used as subsistence allowance for the old age. If the part mentioned above is included in the basic pension, there will be no need to add money in this regard.
- 5.
[The Translator’s Notes] “Rural five-guarantee household” refers to peasants/famers in rural villages with old, weak, orphaned, widowed, ill or handicapped folks who are beneficiaries of the five guarantees of food, clothing, housing, medical care and burial expenses.
- 6.
[The Translator’s Notes] “Three-no” elderly refers to those with no children, no ability to provide for themselves, and no source of income.
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The calculation is based on Annual Report on Fund of the National Council for Social Security Fund 2012.
- 20.
National Council for Social Security Fund. Annual Fund Report of NCSSF in 2014. www.ssf.gov.cn, May 29, 2015.
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Chi, F. (2019). Establishing a Fair and Sustainable Social Security System. In: Winning at the Turning Point. The Great Transformation of China. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-32-9479-0_7
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DOI: https://doi.org/10.1007/978-981-32-9479-0_7
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