Francis Mulenga Muma

Social Security and Pension System in China Francis Mulenga Muma

Scholarly Essay from the year 2011 in the subject Business economics - Miscellaneous, grade: Grade A, - (School of Economics), course: Economics, language: English, comment: Social security is a government program that provides assistance to underprivileged persons. A system corresponding to the level of economic development is a logical requirement for coordinated economic and social development of any country. Initially China's social security system was very poor, to some extent even today it is still bad. China is one of the biggest country with a largest population in the world and its economy being weak at a time, its social security was not well organized, but now the economy is getting stronger and is the second largest economy in the World, second to USA. , abstract: Social security is a government program that provides assistance to underprivileged persons. A system corresponding to the level of economic development is a logical requirement for coordinated economic and social development of any country. Initially China's Social Security system was very poor, even today to some extent it is still bad. China is one of the biggest country with a largest population in the world and its economy being weak at a time, its social security was not well organized, but now the economy is getting stronger and is the second largest economy in the World, second to USA. Within 20 years it is projected to take over from USA. With this development, China needs to organize itself well, as far as social security is concerned. Even though China has tried to put a comprehensive social security system in place, accessibility is still low, as some places such as the rural areas do not have most of social security programs offered to their counterparts in urban areas. Keywords: Financial Liberalization, Integrity of the Market. JEL codes: F31