Regressive Contribution and Progressive Benefit—The Redistribution Effect of China's Pension System
We attempt to comprehensively analyze the income distribution effects of China's pension system.Firstly,we use CHFS(China Household Finance Survey)data to empirically identify a regressive contribution structure and a progressive benefit allocation.Then,based on the stylized fact,we build a dy-namic general equilibrium model with incomplete markets and heterogeneous agents,and calibrate it.Fi-nally,our counterfactual simulation analysis reveals that lowering the lower limit of the payment bench-mark can increase individual willingness to participate in insurance,reduce the overall social payment bur-den,weaken the"reverse adjustment"effect of pension,benefit the middle and low income and low wealth groups,and ultimately benefit the policy effects of total consumption and output.
pension contribution and benefitregressive and progressiveincome inequality
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