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Public pension, Altruism and Economic Growth in China

This paper employs an endogenous growth OLG model with altruistic motive to investigate the urban public pension system in China. We examine the effects of the individual contribution rate and firm contribution rate on the economic growth rate, saving rate, population growth rate, education expense rate for each child and bequest rate. According to the urban situation of China, we estimate the parameter values and simulate to get the direction and degree of exogenous variables influence the endogenous variables. Raising the firm contribution rate increases the population growth rte, education expense rate and bequest rate, and decreases the saving rate and economic growth rate; while raising the individual contribution rate decreases the saving rate, economic growth rate, education expense rate and bequest rate, while increases the population growth rate. From the absolute point of view, the impact of the individual contribution rate on the saving rate and education expense rate is about 6 times and 2 times of the impact of firm contribution rate, while the impact of the firm contribution rate on the population growth rate, bequest rate and economic growth rate is about 4 times, 8 times and 3.5 times of the impact of individual contribution rate. In order to boost economy, control population, decrease the individual saving rate, education expense and bequest for each child, we can get that a policy to decrease the firm contribution rate and increase the individual contribution rate is reasonable.