【摘要】：Being faced up with the population aging process, a country has difficulty in paying its pensions. It has to transfer part of its responsibility to enterprises and persons. In the meantime, the funding pattern of social insurance begins to turn from the traditional pay-as-you-go pattern to the foregoing funded or partly funded pattern. The funding pattern's change, as we consider, means a country's pension system changes from an only public finance process to a partly private finance process.
To the pension fund taken shape in the reform, how to fix its position? What effect does the pension system's reform produce on a country's economy? How does it affect a country's national income decision? Influenced by the reform, are a nation's total savings increased or decreased? For the enormous pension fund, is it advantageous or disadvantageous to a country's capital market? During the transition, how can the country continue to pay for the retired? And how can it live up to its promises to the older employees? That is how to solve the
transition funding" puzzle. Can the pre-funded system eliminate the shift between generations in national income distribution? Is it a Pareto improvement? What does it affect the labor market? Is the chain-driving effect of pension system, the synthetical effect of saving-investment-outcome-benefit level, can be formed by the reform?
The answers to the above questions constitute the