| In response to the changing international situation and the downturn in the world economy,China’s economy has entered a new normal,with the economy’s growth gradually changing from being driven by investment and import and export to being driven by consumption,with national consumption playing an increasingly large role in driving the economy.However,the lack of consumption in the domestic market is an important reason that affects the long-term stable development of China’s economy.Expanding domestic demand and realizing the "double cycle" have become the key to sound economic development.According to the UN standard,China has already entered the aging society at the beginning of the 21 st century,and is accelerating towards the deep aging society.The increase in the number of elderly people and the decrease in the number of young people will inevitably lead to a weak consumption.Older people will reduce their consumption and save in order to protect their old age as they enter retirement and younger people will reduce their consumption.The relationship between pension insurance and residents’ consumption has been a hot issue among scholars at home and abroad,coupled with the increasing aging of China and the imperfection of China’s multi-level pension insurance system.Therefore,under the environment of economic transformation,aging population and weak consumption,it is imperative to study the influence of different pension insurance on residents’ consumption ability and consumption types,and then improve China’s pension insurance system to ensure that residents have a secure old age.It is imperative to do so.As basic pension insurance and commercial pension insurance are important components of the multi-pillar national pension insurance system,it is necessary to study the effects of both on residents’ consumption levels and consumption types to promote the sustainable development of current domestic consumption and reduce the pressure of our economic growth and aging population.This paper uses data from the China General Social Survey 2017 to examine the effects of participating in basic pension insurance,commercial pension insurance,and both types of insurance on residents’ consumption,and conducts empirical analysis through PSM(propensity score matching method),mediation tests from a psychological capital perspective,and robustness tests with a pruning strategy to examine the effects of pension insurance on households with different incomes and agricultural and non-agricultural households.The results show that basic pension insurance and commercial pension insurance,as well as participation in both types of insurance,have a positive net effect on residents’ total household consumption,consumption of nondurable goods and consumption of durable goods;both types of pension insurance enable residents to have higher psychological capital and thus promote more consumption;heterogeneity analysis shows that pension insurance has a greater effect on promoting consumption for residents of agricultural households than for residents of non-agricultural households The heterogeneity analysis shows that pension insurance can promote consumption of middle and low income households more than that of high income households.Accordingly,we propose the following recommendations for the development of China’s multi-level pension insurance system: to strengthen the top-level design and effectively improve the efficiency of financial investment in basic pension insurance;to take multiple measures to increase the participation rate of pension insurance in rural areas and to ensure the steady growth of the promotion of basic pension insurance to rural residents’ consumption;to continuously improve tax preferential policies to promote the development of the third pillar of commercial pension insurance In addition,the government should also promote the development of personal pension system and increase the positive publicity of commercial pension insurance through multiple channels. |
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