Research Progress, Summary and Further Considerations on the National Coordination of Pension Insurance

Speaker：Zeng Yi, Professor, Zhongnan University of Economics and Law

Host：Zeng Yan, Professor, Lingnan College

Time and Date：15:00, March 26, 2026 (Thursday)

Venue：Wong Bing Lai Conference Room (203), Lingnan Hall

Language：Chinese

Abstract：

On 1 January 2022, China launched the national pooling system for basic old-age insurance, with the aim of alleviating regional imbalances in the revenue and expenditure of the basic old-age insurance scheme, promoting the rational mobility of the labour force, and enhancing the sustainability of the basic old-age insurance fund. The national pooling system implemented in 2022 is not a model of centralised collection and expenditure, but rather a mechanism for inter-provincial surplus-deficit adjustment. Under this system, provinces with a current surplus contribute part or even all of their surplus to form a national pooling fund, which is then used to subsidise provinces with a current deficit. The national pooling system for basic old-age insurance has been in operation for over four years. What is the current status of its implementation? What issues have arisen during the process? Can it alleviate the regional imbalances in revenue and expenditure for basic old-age insurance? The Third Plenary Session of the 20th CPC Central Committee called for "improving the national pooling system for basic old-age insurance", whilst the "Proposal of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasised "improving and implementing the national pooling system for basic old-age insurance". How, then, can the current national pooling system be optimised? In response, this study draws upon 'principal-agent' theory and combines publicly available statistical data, questionnaire survey data and expert interview materials. Employing methods such as demographic projection models, actuarial models and econometric models, it analyses the current status, issues and implementation outcomes of the national pooling system for basic old-age pension, with a particular focus on assessing the sustainability of the system.

Profile:

Zeng Yi, male, born in Honghu, Hubei Province, in March 1988, is a Certified Associate Actuary (CA) and a Wenlan Young Scholar (January 2021–December 2023). He is currently a Professor and PhD supervisor at the School of Public Administration, Zhongnan University of Economics and Law. He graduated from Shanghai University of Finance and Economics in June 2014 with a PhD in Economics. His primary research interests lie in social insurance actuarial science and pension insurance. As a sole or first author, he has published nearly 60 papers in journals such as the Journal of Public Administration, Finance and Trade Economics, Fiscal Research, Research on Quantitative Economics and Technical Economics, Financial and Economic Research, Economic Management, and Insurance Research. He has led two projects funded by the National Natural Science Foundation of China, two projects funded by the National Social Science Fund, five projects funded by the Hubei Provincial Social Science Fund, one project under the Hubei Provincial Education Science Planning Programme, and one project funded by the Wuhan Municipal Social Science Fund. He was awarded the Third Prize in the 14th Hubei Provincial Outstanding Social Science Achievement Awards.