Associate Professor Xue Huiyuan, deputy director of the Social Security Research Center of Wuhan University, and his collaborators published a paper entitled "Implicit Debt and Transformation Cost Estimation of Pension Insurance of Government Agencies and Public Institutions" in the fourth issue of the CSSCI journal Insurance Research in 2020.

【author】Xue Huiyuan，Wang Ya

【Published journals】《保险研究》

【Journal level】CSSCI

【Publication time】2020（04）

【Abstract】This paper simulates and calculates the implicit debt and transformation cost of the pension insurance of government agencies and public institutions by constructing an actuarial model. The results show that the present value of the total implicit debt of pension insurance of government agencies and public institutions in 2015~2073 (at the beginning of 2015) is 319862 billion yuan, equivalent to 46.6% of GDP in 2015; The present value of the total cost of transformation is 194071 billion yuan, equivalent to 28.3% of GDP in 2015; The proportion of non-present value conversion costs in GDP in each year of 2015~2073 increased first and then decreased, but the highest did not exceed 1.08%. It is recommended to raise funds from outside the system and adopt a variety of methods and ways to repay the hidden debts of pension insurance; Optimize the structure of fiscal expenditure, and use the saved financial funds to repay the hidden debts of pension insurance; explore a wider range of sources for the National Social Security Fund; The transformation cost sharing method is adopted to resolve the transformation cost year after year.

【Keywords】government agencies and institutions; pension insurance; implicit debt; Transformation costs

【Funds】Ministry of Education Humanities and Social Science Research Youth Fund Project "Research on Hidden Debt, Fund Gap and Financial Sustainability of Pension Insurance of Government Institutions and Institutions" (Grant No.: 16YJC630152).