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IEEE文章 Pension Fund Finance and Management in China: A Literature Review LIU Dehao School of Politics and Public Administration Hainan University Haikou, P.R.China Liudehao_1@ Abstract-With the deepening of reforming China’s social security system, the issues on fund finance and management are put on the agenda for the decision-makers to deal with. Many scholars did valuable researches. The objective of this paper is to provide a literature reviews in this domain. Keywords-pension system; fund finance; investment; literature review I. INTRODUCTION With the market-oriented reform and the opening-up policies, the traditional unit-based social security system is not suitable to the demands of economy reform. So a series of reforms have been introduced to change the traditional pension system practiced under the planned economy since the mid-1980s. Up to now, a basic framework of pension system has been set up in China. The typical characteristic of this system was the introduction of social-pool-plus-individual-account system. During the process of Chinas pension system, many scholars were very involved in it and put forward many valuable suggestions. They agreed on some issues such as the socialization of social security, raising fund by multiple channels and so on. However, in some key aspects, they had different opinions mainly including the following three: the issue on the transition from the Pay-As–You-Go System to the Funded System or NDC System, the debate on the social security fee or tax and social security management. This paper tries to describe a picture of Chinese researchers’ results on these issues. II. ISSUE ON FINANCING MODEL Since 1980s-1990s, the transition from PAYG pension plan to the funding scheme or NDC system has occurred in many countries all over the world, and China has also involved in the reform. In 1993, the Central Government decided to adopt individual account for the first pillar of t