Study Of China's Pension Reform In The Context Of Global Financial Crisis

Wealth is an ancient and practical problems, the study of economics is precisely from the study at the source of wealth. Since the Opium War, to be rich and powerful is always what the chinese are chasing. There is big change during last 30 years in china, "to be rich" has always been the constant pursuit of the objectives of Chiese.We now have big number of GDP, financial income, income per capital and indivial savings. On the contratry, there are many social problems indeed. We own very big companies but not very strong, we own so much financial income but not very wealthy people, we own many "technical solutions" but not very deep institution reform. Whether we have real wealth? Whether we have a "wealth-creating" institution? If the answer is "yes", how to remain the wealth we have? How to insure the safty of the wealth? Pension funds, as the core of the pension system, are also facing the chanllenging questions below. So there is need to rethink our job.There are three main theoretical ways to retink the financial crisis, first is the the path of mainstream economics, emphasizing the liberal reflection means focusing on the micro-level and specific technical details of the program areas where there are problems, the second is the cayesisizm to emphasize the importance and responsibility of the government, the third one is the maxism which holds the basic paradox is the main reason of the crisis. This paper analyze the problems of pension system by using the institutionism and risk society theory, and make a in-depth analysis of the other countries' counterparts, such as US, Japan,UK,Germany,etc. In-depth analysis of the controversial issues of China's pension system and the performance and countermeasures of social security reserve fund.In reviewing 30 years of the operation of "reform and open-door" policy, People increasingly called upon to equitable development and scientific development, as far as our pension system is mattered, whether we make it too fast to continue? While many people hold that we must do "big and strong" something, as a fact, the result is probably "big but not strong", so is there the same thing happened to the our pension funds. While the terms "international" and "multiple" are so popular in china, the people cannot get the benefits at the same time, we also need to rethink our pension system. The discussion is nessisary because the old-age insurance can not "trial and error", even "trial and error" can not "try a big mistake".This article has 5 chapters, Chapter 1 is an introduction, raises the question of this paper, and the related domestic and international literature review and proposed research methods and innovations; Chapter 2 content for the "risk society and the pension insurance system," mainly discusses the theory of risk society, the risk society formed under risk society and countries in transition and its risks, risk society theory of reference for countries in transition, Risk Society and the reliability of old-age insurance, "organized irresponsibility" and the pension insurance system and other aspects, elaborated the theory of risk society and the relationship between the pension insurance system from the general and the risk of social theory to draw on old-age insurance system operation, highlighted:on the old-age insurance researchers and policy makers must constantly reflect on and improve their level of work and results of the emergence, new risks has made measures which based on past experience and the facts of reality proposed have been less reliable, the fear of the future has became the basis of affecting the real decisions, every countries has established a pension reserve fund is an example, a widely recognized "pension gap" is always risk, but there are different measurement results on the risks, reserve fund managers are constantly seeking to maximize revenue and scale growth, appropriate scale issue was forgotten, but it is a important issues must be addressed in the future. In addition, the global nature of risk is problems for old-age insurance system for all countries to have to face, despite the pension insurance system is made up of independence establish of ever sovereign, but in an increasingly globalized world, the risk of this pension insurance system occurrenced also affects other countries, such conduction is likely that the currency, the pension debt is alarming of the developed countries in Europe and the United States, if Western countries used their advantage to issue currency, with multiple currency to solve their debt, including pension a variety of debt, because developing countries hold a large number of foreign currency assets, the currency of this Super-stable behavior is bound to adversely affect the monetary value, Europe and the United States can also transfer risk, therefore, timely to track to the latest trends of old-age insurance system of foreign country, not only learn and reference, but also for early warning the pension insurance system of our country. American International Group exposed the enormous problems in the financial crisis,that the operation of various pension executives and pension fund managers do not attach importance to the long-term interests of the client, more to pursue their own short-term performance in the contract period, simply done in office, access to high wages and bonuses in return, neglect to the long-term risk of pension investment even is systemic risk, in fact this is risk social theory made clear the important concepts-An important practical case of "organized irresponsible", a sound regulatory mechanism can not completely eliminate this phenomenon, related only through continuously strengthening the sense of social responsibility of financial executives, to enhance corporate social responsibility transform,it is possible to simply eased "organized irresponsibility," the main ills under the risk of social; Chapter 3 says,"the pension insurance system under the impact of the global financial crisis ", the first discusses the old-age insurance system have been impacted of the part of developed countries, old-age insurance system in the United States have been "full" effected, the German pension insurance system "conservative" to avoid the impact and the response effect of Japan's,it can be seen, in different countries the basic idea of pension insurance system and the country's real economic situation determine that this crisis to be affected, also, the author also on the representative of development countries-Chile and Argentina, the impact on old-age insurance system and make the corresponding changes in the analysis, in particular, like Argentina, that this "push to re-to" of reforms is much greater than the risk of the opportunity, is not conducive to long-term stability of the entire system can be sustainable development for our country, this is absolutely not accept this type of policy change in the ups and downs; Chapter 4 says "The financial crisis and the national pension reserve fund strategies," on reflect the nature of "financial market"and investment, the dollar hegemony and the analysis of global public goods, and the internationally renowned Irish National Pension Reserve Fund, Norwegian Government Pension Fund and the Government of Japan the world's pension reserve fund in the financial crisis objective evaluation of the performance, and foreign equity investment, financial derivatives investment and resources investment is the important case, reviewed the achievements of the National Social Security Fund and the the main measures for financial crisis, these measures include:the issue of special treasury bonds, state-owned shares switched Social Security Fund and Promoting foreign investment has taken strong, progressive measures and countermeasures; last one is the first five chapters, the chapter focuses on analyzing the financial pension funding crisis on the impact of China's financial crisis on China's investment and operation of pension insurance and the financial crisis on China's pension system of insurance regulation in China's pension system reform in China, the author of the initial distribution of our current Constraints on the QAP case, the basic old-age insurance to higher-level issues were discussed, the individual account and promote the pension reform government organizations and institutions need to gradually move under the circumstances.The conclusions and recommendations of this paper are as follows, First, we need to follow the trail of the situation of the foreign countries' penion system and to establish an effective system of risk forecasting while the risk spread so quickly around the world in the world risk society. Second, in the future is very uncertain international economic situation, there is need to make a cross-disciplinary reaserch platform on pension system. Third, Third, Summing up the construction of China's pension system, "learning mechanism" and the "adaptation mechanism" to explore the political, economic, social and pension insurance system are coordinated reform program; Fourth, for an important national-level reserves of old-age security-National Social Security Fund, issuing special treasury bonds to be cautious, state-owned shares can be switched into the social security fund to increase efforts to steadily promote overseas investment; Fifth, the current distribution system has seriously hampered the initial distribution of secondary force and effect, improve the overall level of fear is not optimistic, and practical personal accounts of policy and specific action needs to be adjusted with the situation and, organs and institutions need a solid old-age insurance reform, wage system reform of the personnel on the basis of steady progress.