Development of the modern pension insurance system in China: trends and prospects

The present article examines the PRC’s pension insurance system for urban employees, employees of government agencies and institutions, and urban and rural residents in China. It is reported that its principles are gradually being transformed taking into account the changing economic conditions in the country and the requirements of the time. It is emphasized that the key problem is the uneven distribution of old-age social benefits among Chinese citizens. This is due to a number of reasons, including the rapid increase in the proportion of elderly people in the country, the excessive financial burden on the working population in terms of the functionality of the pension fund, salary differentials between different levels of organizations, the territorial imbalance of payments and differences in regional economic development. The conclusion is that the modernization of China’s pension system is fundamentally necessary in the current circumstances, taking into account all of the factors listed above, and outlines the directions for its implementation.