Download or read book How Can China Provide Income Security for Its Rapidly Aging Population written by and published by World Bank Publications. This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How Can China Provide Income Security for Its Rapidly Aging Population written by Estelle James and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: October 1996 If China implements a partially funded multipillar pension system, that reform must go hand-in-hand with reform of the financial sector and restructured investment procedures that emphasize the right mix of competition, diversification, and regulation. Otherwise, pension reform will ultimately fail. Friedman, James, Kane, and Queisser discuss key choices policymakers face about China's pension system in the face of a rapidly aging population. (Many developing countries face the same problem, but China's problems are exacerbated by the long-term effects of its one-child family planning policy.) They describe the problems the current pay-as-you-go system faces in the near and long term and simulate policy options for solving those problems. They find that simple design changes - such as reducing the generous benefit rate, moving toward price indexing rather than wage indexing, and raising the retirement age - are necessary but not sufficient conditions for making the pension system sustainable. Partial funding is necessary to avoid large increases in future contribution rates. They investigate the impact on the old-age system and economic growth of a multipillar system that includes a modest mandatory tax-financed basic benefit plus a mandatory fully-funded defined-contribution (individual account) scheme. Implementation of a partially funded multipillar pension system must go hand-in-hand with reform of the financial sector and restructured investment procedures that emphasize the right mix of competition, diversification, and regulation. Otherwise, China's pension reform will ultimately fail. This paper - a product of the Poverty and Human Resources Division, Policy Research Department - is part of a larger effort in the department to analyze the impact of pension systems and pension reform.

Download or read book How Can China Provide Income Security for its Rapidly Aging Population written by Estelle James and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: If China implements a partially funded multipillar pension system, that reform must go hand-in-hand with reform of the financial sector and restructured investment procedures that emphasize the right mix of competition, diversification, and regulation. Otherwise, pension reform will ultimately fail.Friedman, James, Kane, and Queisser discuss key choices policymakers face about China's pension system in the face of a rapidly aging population. (Many developing countries face the same problem, but China's problems are exacerbated by the long-term effects of its one-child family planning policy.) They describe the problems the current pay-as-you-go system faces in the near and long term and simulate policy options for solving those problems.They find that simple design changes - such as reducing the generous benefit rate, moving toward price indexing rather than wage indexing, and raising the retirement age - are necessary but not sufficient conditions for making the pension system sustainable. Partial funding is necessary to avoid large increases in future contribution rates.They investigate the impact on the old-age system and economic growth of a multipillar system that includes a modest mandatory tax-financed basic benefit plus a mandatory fully-funded defined-contribution (individual account) scheme.Implementation of a partially funded multipillar pension system must go hand-in-hand with reform of the financial sector and restructured investment procedures that emphasize the right mix of competition, diversification, and regulation. Otherwise, China's pension reform will ultimately fail.This paper - a product of the Poverty and Human Resources Division, Policy Research Department - is part of a larger effort in the department to analyze the impact of pension systems and pension reform.

Download or read book How Can China Provide Income Security for Its Rapidly Aging Population written by and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How Can China Provide Income Security for Its Rapidly Ageing Population written by and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Aging in China written by Sheying Chen and published by Springer Science & Business Media. This book was released on 2012-02-02 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: China, which is fast on its way to becoming the most powerful economic force in the world, has four unique characteristics that distinguish it from other countries in Asia: (1) The proportion of aging population is growing faster than that of Japan (the country previously recognized as having the fastest rate) and much faster than nations in western Europe. (2) An early arrival of an aging population before modernization has fully taken place, with social policy implications. It is certain that China will face a severely aged population before it has sufficient time and resources to establish an adequate social security and service system for older people. (3) There will be fluctuations in the total dependency ratio. The Chinese government estimates are that the country will reach a higher dependent burden earlier in the twenty-first century than was previously forecast. (4) The government’s fertility policy (single child per family) and its implementation has a strong influence on the aging process. Fewer children are being born, but with more elderly people a conflict arises between the objectives to limit population increase and yet maintain a balanced age structure (Peng and Guo 2001). The intersection of these fourfold factors means that the increased aging population is giving rise to serious concerns among Chinese social policy makers. There is a chronic lack of good resource materials that attempt to make sense of social policy in its relationship to examining the problems and possibilities of human aging grounded in an analysis of economic of social policy in China and impact on rural and urban spaces. Such analysis of China will be covered by conceptual, theoretical, and empirical approaches. The book will also discuss substantive topics of housing, community care, family care, pensions, and mental health. The book brings together a truly world class array of researchers to provide discussions of critical implications of aging social policy and the economic impact in China.

Download or read book Aging China written by Robert Stowe England and published by Praeger. This book was released on 2005-02-28 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Aging China' explores the potential effects of China's rapidly aging population on the economy & society of the country.

Download or read book The Elderly and Old Age Support in Rural China written by Fang Cai and published by World Bank Publications. This book was released on 2012-03-20 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the well-being of China's rural elderly in the context of a rapidly aging population. Traditional sources of support are coming under strain with population aging and the migration of youth, making it imperative that pension coverage be extended to the rural population.

Download or read book How Can China Solve Its Old Age Security Problem The Interaction Between Pension SOE and Financial Market Reform written by Estelle James and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Like most countries, China faces a rapidly aging population. In fact, China is aging more rapidly than practically any other country. In 1990 only 9% of China's population was over the age of 65, but by 2030 this proportion will more than double, to 22%. More than a quarter of the world's old people will live in China by 2030. And the absolute number of workers will actually decline, as fertility rates are below replacement levels. While population aging is a long run phenomenon, it has become apparent even in the short run, as social security deficits become larger and more widespread every year. Moreover, these rapidly expanding pension obligations are especially troublesome in China because, until recently, they were a liability of state enterprises and a major obstacle to enterprise restructuring. The Chinese government is well aware of the looming social security crisis and is determined to do something about it. Prefunding and unifying a fragmented system are at the heart of its projected reforms. The plan is to set up individual accounts for each worker, with funds that are productively invested. This is similar to reforms that have been sweeping Latin America, Eastern Europe and are now being considered in the United States. Besides making the system more fiscally sustainable and avoiding peak contribution rates, prefunding can be used to increase saving that is committed for long term investments and pension funds can be used as engines of financial market development and corporate governance. However, in China these reforms are retarded by three key factors: 1) transition costs must be covered in any move toward prefunding, and the Chinese government is still trying to figure out how to accomplish this; 2) the current social security system is characterized by fragmentation and decentralized administration, which lead to principal-agent/moral hazard issues that make it more difficult to cover transition costs, decrease early retirement and increase compliance; 3) the funds that have accumulated have not been invested in diversified portfolios by private competitive management and have not earned a high rate of return. This paper focuses on these three problems as well as the complex interactions between pension, financial market and SOE reform. Part I describes the historical background of old age security in China - how it was provided during the cultural revolution, how this became inappropriate as China moved toward a market economy, and the steps that were taken by the government during the 1980's and early 1990's to resolve this inconsistency. Part II describes the new multi-pillar system, including a large prefunded defined contribution component, which was adopted, in principle, in the mid-1990's. Part III analyzes three key implementation problems that remain to be solved - the transition cost conundrum, the tensions inherent in unifying a fragmented system, and the difficulty in as well as the critical importance of investing productively and earning a high rate of return on the funds. We summarize the bold steps that the government has announced during the past few months (2001) to link pension, financial market and SOE reform. How these plans will be effectuated remains to be seen.

Download or read book Aging in Asia written by National Research Council and published by National Academies Press. This book was released on 2012-07-31 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: The population of Asia is growing both larger and older. Demographically the most important continent on the world, Asia's population, currently estimated to be 4.2 billion, is expected to increase to about 5.9 billion by 2050. Rapid declines in fertility, together with rising life expectancy, are altering the age structure of the population so that in 2050, for the first time in history, there will be roughly as many people in Asia over the age of 65 as under the age of 15. It is against this backdrop that the Division of Behavioral and Social Research at the U.S. National Institute on Aging (NIA) asked the National Research Council (NRC), through the Committee on Population, to undertake a project on advancing behavioral and social research on aging in Asia. Aging in Asia: Findings from New and Emerging Data Initiatives is a peer-reviewed collection of papers from China, India, Indonesia, Japan, and Thailand that were presented at two conferences organized in conjunction with the Chinese Academy of Sciences, Indian National Science Academy, Indonesian Academy of Sciences, and Science Council of Japan; the first conference was hosted by the Chinese Academy of Social Sciences in Beijing, and the second conference was hosted by the Indian National Science Academy in New Delhi. The papers in the volume highlight the contributions from new and emerging data initiatives in the region and cover subject areas such as economic growth, labor markets, and consumption; family roles and responsibilities; and labor markets and consumption.

Download or read book Aging Economic Growth and Old age Security in Asia written by Donghyun Park and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Population aging is perhaps the single biggest economic and social obstacle confronting AsiaÕs future. The region-wide demographic transition towards an older population is fundamentally reshaping the demographic landscape, and is giving rise to two key socio-economic challenges. This timely book provides an in-depth analysis of these challenges and presents concrete policy options for tackling them. First, the expert contributors argue, Asia must find ways to sustain rapid economic growth in the face of less favorable demographics, which implies slower growth of the workforce. Second, they contend, Asia must find ways to deliver affordable, adequate and sustainable old-age economic security for its growing elderly population. Underpinned by rigorous analysis, a wide range of concrete policy options for sustaining economic growth while delivering economic security for the elderly are then presented. These include Asia-wide policy options Ð relevant to the entire region Ð such as building up strong national pension systems, whilst other policy options are more relevant to sub-groups of countries. This stimulating and informative book will be of great interest to academics, students and researchers with an interest in Asian studies, economics generally, and more specifically, public sector economics.

Download or read book Handbook of the Economics of Population Aging written by John Piggott and published by Elsevier. This book was released on 2016-11-21 with total page 1146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of the Economics of Population Aging synthesizes the economic literature on aging and the subjects associated with it, including social insurance and healthcare costs, both of which are of interest to policymakers and academics. These volumes, the first of a new subseries in the Handbooks in Economics, describe and analyze scholarship created since the inception of serious attention began in the late 1970s, including information from general economics journals, from various field journals in economics, especially, but not exclusively, those covering labor markets and human resource issues, from interdisciplinary social science and life science journals, and from papers by economists published in journals associated with gerontology, history, sociology, political science, and demography, amongst others. Dissolves the barriers between policymakers and scholars by presenting comprehensive portraits of social and theoretical issues Synthesizes valuable data on the topic from a variety of journals dating back to the late 1970s in a convenient, comprehensive resource Presents diverse perspectives on subjects that can be closely associated with national and regional concerns Offers comprehensive, critical reviews and expositions of the essential aspects of the economics of population aging

Download or read book Pension Systems and Old Age Income Support in East and Southeast Asia written by Donghyun Park and published by Routledge. This book was released on 2012-03-15 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Old age income support will be one of the biggest social and economic challenges facing Asia in the twenty-first century. The growing spotlight on old age income support is largely due to exceptionally rapid population aging which is fundamentally reshaping Asia’s demographic profile. A young continent reaping the demographic dividend of a large youthful workforce is giving way to a greying continent where the ratio of retirees to workers is on the rise. In contrast to industrialized countries, most Asian countries do not yet have mature, well-functioning pension systems. As a result, they are ill prepared to provide economic security for the large number of retirees who loom on the region’s horizon. This book takes a close look at the pension systems of eight countries in East and Southeast Asia – namely, China, Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand and Vietnam – which encompass a wide range of income and development levels. The book provides a comprehensive overview of pension systems in the eight countries, including an in-depth diagnosis to identify their major weaknesses and shortcomings. On the basis of the diagnosis, the book sets forth concrete and specific policy options for reforming Asia’s pension systems. Many policy options for reform are country-specific. For example, a top priority in China is to extend the pension system to rural areas. At the same time, a number of reforms – such as the need to extend coverage – resonate across the entire region. Appropriate reform will enable the region’s pension systems to deliver affordable, adequate and sustainable old-age economic security.

Download or read book Data you need to know about China written by Li Gan and published by Springer. This book was released on 2013-09-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the beginning of the 21st century, China has been experiencing a dramatically rapid economic development. What is the real life of Chinese people like under China’s steady GDP fast growth? How rich are the rich and how poor are the poor? This book provides first-hand data on standards of living in Chinese households, which may help to answer the above questions. The Survey and Research Center for China Household Finance conducted the first and only nationally representative survey on household finance in China in 2011. The China Household Finance Survey (CHFS) collected the micro-level information of Chinese households’ demographics, housing and financial assets, debt and credit constraints, income and expenditures, social welfare and insurance, intergenerational transfer payments, employment and payment habits. Readers will receive a vivid picture of wealth disparity, real estate market developments, social welfare status, household financial behaviors and other economic issues in today’s China. The China Household Finance Survey has a guiding significance for a realistic strategy adjustment and is also a major breakthrough in the subject’s development at universities. Li Daokui, Professor at Tsinghua University. The China Household Finance Survey (CHFS) is an in-house interview survey with a large influence in China. The CHFS's sample includes both urban and rural households, which is very important to the study of the overall household finance of China. Hongbin Li, Economist, Professor of Tsinghua University. Research Report of China Household Finance Survey•2012 bridges a major gap in the household finance field in China, and will have far-reaching academic and policy-making implications. Liu Yuzhen, Professor at Peking University.

Download or read book Development in an Ageing World written by United Nations. Department of Economic and Social Affairs and published by . This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Greater longevity is an indicator of human progress in general. Increased life expectancy and lower fertility rates are changing the population structure worldwide in a major way: the proportion of older persons is rapidly increasing, a process known as population ageing. The process is inevitable and is already advanced in developed countries and progressing quite rapidly in developing ones. The 2007 Survey analyses the implications of population ageing for social and economic development around the world, while recognising that it offers both challenges and opportunities. Among the most pressing issues is that arising from the prospect of a smaller labour force having to support an increasingly larger older population. Paralleling increased longevity are the changes in intergenerational relationships that may affect the provision of care and income security for older persons, particularly in developing countries where family transfers play a major role. At the same time, it is also necessary for societies to fully recognise and better harness the productive and social contributions that older persons can make but are in many instances prevented from making. The Survey argues that the challenges are not insurmountable, but that societies everywhere need to put in place the policies required to confront those challenges effectively and to ensure an adequate standard of living for each of their members, while respecting and promoting the contribution and participation of all.

Download or read book Demography of Aging written by National Research Council and published by National Academies Press. This book was released on 1994-02-01 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the United States and the rest of the world face the unprecedented challenge of aging populations, this volume draws together for the first time state-of-the-art work from the emerging field of the demography of aging. The nine chapters, written by experts from a variety of disciplines, highlight data sources and research approaches, results, and proposed strategies on a topic with major policy implications for labor forces, economic well-being, health care, and the need for social and family supports.

Download or read book Inequality in China Trends Drivers and Policy Remedies written by Ms.Sonali Jain-Chandra and published by International Monetary Fund. This book was released on 2018-06-05 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: China has experienced rapid economic growth over the past two decades and is on the brink of eradicating poverty. However, income inequality increased sharply from the early 1980s and rendered China among the most unequal countries in the world. This trend has started to reverse as China has experienced a modest decline in inequality since 2008. This paper identifies various drivers behind these trends – including structural changes such as urbanization and aging and, more recently, policy initiatives to combat it. It finds that policies will need to play an important role in curbing inequality in the future, as projected structural trends will put further strain on equity considerations. In particular, fiscal policy reforms have the potential to enhance inclusiveness and equity, both on the tax and expenditure side.