The combination of unified accounts used by China now is the borrowed Chilean model. The Chilean model is that the government does not intervene, and the old-age insurance is mainly developed by market regulation, so that the old-age insurance is privatized. China used to be a state-run model, but now it's time for a planned economy. Now it is not a market economy, and unlike Chile, the state does not care about anything, so it has developed a model of combining unified accounts.

Mainly, the old-age insurance will not be affected by the change of individual work units, and the source of insurance money is jointly funded by the state, units and individuals. Moreover, after marketization, endowment insurance is no longer the patent of state-owned enterprises, and its coverage has expanded.