Wharton Pension Research Council Working Papers


The Chinese Pension System

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Working Paper

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We provide a detailed overview of the current state of the Chinese pension system, as well as its development, its problems and some ideas for future reforms


This paper is written for Handbook on Chinese Financial Markets, edited by Marlene Armstad, Guofeng Sun and Wei Xiong. We are grateful to the Editors for guidance, and for the conference participants in Shenzhen Institute of Finance for useful comments. We are responsible for the remaining errors. The authors’ emails are hanming.fang@econ.upenn.edu (Fang) and jfeng@fudan.edu.cn (Feng), respectively.

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Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the author(s) and not those of the Wharton School or the Pension Research Council. © 2019 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.



Date Posted: 16 September 2019