Discussion on the Way of Multi-Pillar Pension System in China

The article aimed to illustrate the way of multi-pillar pension system in China by analyze the multi-pillar theory, calculations based on life cycle theory and practices in OECD countries. The experiences in OECD were shown as such: the public pension system was the constraint factor of the other l old age insurance system. While in China, the special age structure and pension system made the reform less likely happen in recent years. At last, the author draws conclusions: the special situation in China makes the first pillar as the constraint factor for the others, but the three pillars will fuse together in the future.