Characteristics of Current Endowment Insurance System in China
(1) The current endowment insurance system in China is a "unified account" system. The combination of unified accounts is the abbreviation of the combination of social pooling and individual accounts, that is, social pooling and individual accounts together constitute the basic old-age insurance system for urban workers in China.
(2) From the perspective of the basic structure of the system design, China's unified account and pension insurance system is similar to the partial fund system, that is, the combination of pay-as-you-go and future payment.
(3) However, in terms of specific content, China's unified account system is completely different from the partial fund system: ① The financing methods of the pay-as-you-go (social pooling) part are different. Some funds are taxed, while China's unified account system is charged; ② Funds (individual accounts) have different sources of funds and operating modes. In terms of the source of funds, the source of funds for some pooling funds is the balance of social security tax income after cash payment of insurance benefits, while the source of funds for follow-up accounts in China is direct payment by individuals; In terms of capital operation, part of the fund system operates in the form of trust funds, while part of the funds in China's personal accounts are also used for cash insurance, and personal accounts are basically "empty accounts".