| For a long time,accompanied by high economic growth,consumption,an important driver of economic growth,has remained weak,particularly in the consumer consumption.Inadequate consumption has greatly restricted the expansion of domestic demand as well as transformation of economic growth.Research shows that the current weakness in consumer relates to imperfect social security system in our country.China’s basic endowment insurance system is core of the social security system,its development and improvement largely affect consumption growth.Research on the relationship between the basic pension insurance and consumption has an important practical significance.By induction and combing existing research,this paper first reviewed classic theories of impact of basic endowment insurance on consumption,focusing on the Keynesian theory of consumption,life cycle model,precautionary saving models,intergenerational alternate theory,which laid a theoretical foundation to the analytical framework of this paper.Based on the above findings,this paper focused on two aspects of the system---the level of the insurance and the pension coverage.Besides,this paper specifically examines the impact of Basic Endowment Insurance on life cycle of pension savings and precautionary savings.Based on income distribution effects analysis of the pension insurance,mechanism that pension insurance affects consumption was derived.Also consumption of consumers with the endowment insurance under liquidity constraints were analyzed.In explaining the situation and status of the development of urban residents ’consumption and the basic pension insurance,this paper analyzed the influence factors of the pension insurance on consumption based on the combination of China’s actual conditions.This paper established an empirical function of rural residents’ consumption to analyze the impact of the basic endowment insurance based on the life cycle of theory.Empirical evidence shows that the impact of the endowment insurance on urban residents’consumption lacked currently.Improvement of pension coverage enlarged consumer consumption,while the increasing of pension spending decreased the consumer consumption.This paper analyzed the causes of the results according to China’s specific policies and system design and noted that the low overall level,the low income and poor management of the Fund,inadequate treatment of pension,high contribution rate,poor system portability and "dual track" with lack of fairness was an key factors to this result.Based on the above analysis,the paper points out that expanding coverage,improving the level of pension income as well as the distribution functions and the establishing more flexible retirement system will further improve the impact of current basic endowment insurance system on consumer consumption.Also,this paper gives specific policy recommendations for reference. |
