Analysis On The Change Of Coverage Of China's Pension Insurance And Its Impact On Residents' Savings

In order to explore the impact of the pension insurance system on savings,the paper,which bases on the domestic and foreign literature and related theories,introduces the development and residents of pension insurance system in China,and the trend of change in savings.On this basis,the panel data of 31 provinces and cities in eastern,central and western regions of China were selected to construct an econometric model from 2008 to2017.Through the pension insurance system and policies to study the changes in pension insurance coverage of China,while considering quantity and quality,namely population coverage and pension coverage,and the urban household savings rate is the dependent variable.The residents' basic pension insurance coverage rate and pension wealth replacement rate are independent variables,and the corresponding control variables are added for multiple regression analysis.The study finds that there is a correlation between the level of per capita pension and the economic level of the region.The pension insurance systems in the eastern,central and western regions of China are different,because of the overwhelming performance of pension level in the eastern region.Furthermore,although the coverage rate of Chinese pension insurance has increased significantly,the increase in the replacement rate of pension wealth is insufficient,and it is not enough to guarantee the living standard after retirement.Also,the developments of the pension system in urban areas and rural areas are unbalanced.The coverage rate of rural pension insurance is lower than that of urban pension insurance.So,there is room for improvement in the significant impact of the pension insurance system on household savings.In addition,it is proposed that the residents' propensity to save is not sensitive to changes in the income and price levels.Also,factors such as population aging,medical expense,and housing expenditures,etc.have important impacts on household savings decisions.Based on the research results above,I propose the following suggestions to improve the pension insurance system and release savings: improve the pension insurance system and supervision system,increase the pension wealth replacement rate,and establish a special pension investment operation organization,specialized in the value-added issue of pensions.pay attention to the old-age industry,adjust the supply structure of the consumer market,encourage the development of product supply that meets the needs of the elderly,upgrade consumption,change traditional consumption concepts,encourage consumer credit,improve compliance with consumer credit services,and regulate the credit market.increase the income of residents,narrow the income gap,deepen the reform of the income distribution system,increase the adjustment of the income distribution,and narrow the income gap between income groups.