摘要：
Over the past three decades, China has experienced substantial reductions in social security benefits due to pension reforms and undergone profound demographic changes. By combining empirical studies and quantitative analyses in a general equilibrium setting, this paper examines the effects of China’s pension reforms and rapid population aging on household saving and labor supply behaviors. Calibrating the model to the Chinese economy, we find that the pension reforms alone account for approximately 25 percent of the increase in the household saving rate between 1995 and 2009, and 49 percent of the sharp rise in labor supply over the same period. These effects are significantly amplified by rapid aging. Our study demonstrates that both household saving and labor supply serve as quantitatively important self-insurance channels in response to changes in pension generosity and longevity risk.
From Hui He, Lei Ning, Dongming Zhu,The impact of pension reforms and rapid aging on savings and labor supply: The case of China,Journal of Public Economics,Volume 261,2026,105723,ISSN 0047-2727,https://doi.org/10.1016/j.jpubeco.2026.105723.
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