The Impact of Urban and Rural Residents Pension Insurance on Consumption——Empirical Evidence from China Family Panel Studies
Pension insurance is a fundamental component of China's social security system.Numer-ous studies have revealed that the improvement of the pension insurance system contributes to the enhance-ment of residents'consumption levels.However,it remains unclear whether the compulsory savings nature of pension insurance yields similar positive effects.This article,based on the data from the 2016 and 2018 China Family Panel Studies(CFPS),employs a two-way fixed effects model to empirically examine the impact mechanism of urban and rural residents pension insurance on consumption.It finds that receiv-ing urban and rural residents pension insurance significantly improves consumption levels.Participating in urban and rural residents pension insurance does not have a significant impact on the consumption of high-income families,and has a significant promoting effect on the consumption of low-income families.There is significant heterogeneity in the impact of pension insurance on the consumption level of households be-tween districts with different economic development levels.Overall,urban and rural residents pension in-surance can significantly promote consumption and improve the living standards of low-income groups and residents living in economically underdeveloped areas.
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