Social welfare for pensioners in China: current situation and perspectives

Pension systems across different states have evolved under the influence of national characteristics and traditions. Achieving complete universality of social institutions in all countries is impractical; instead, it is feasible to develop specific schemes for their organization. China is no exception in this regard. Currently, there is a need for the improvement of state’s policy related to pension funds to enhance the sustainability of the social payment system. In this paper, based on the conducted SWOT analysis, certain measures are proposed aimed at differentiating the interests of all beneficiaries of social pensions in China - the government, enterprises and people. The formulation of a number of policy recommendations aimed at the sustainable development of China’s social pension system constitutes the novelty of the study and lays the foundation for further scientific developments in this direction.