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Table 5 Financial operation of pension fund (“20% to 100% couples that satisfy the selective two-policy” have the second child)

From: From “selective two-child policy” to universal two-child policy: will the payment crisis of China’s pension system be solved?

Case

Point that deficit appears

Point that cumulative deficit appears

Cumulative deficit in 2090 (billion yuan)

Changing of cumulative deficit in 2090 (%)

One-child policy

2023–2037, 2059–2090

2076–2090

422,365.195

13% of qualified couples have second child

2023–2037, 2060–2090

2079–2090

322,864.423

–23.56

20% of qualified couples have second child

2023–2037, 2062–2090

2081–2090

268,588.514

–36.41

40% of qualified couples have second child

2023–2037, 2068–2090

2087–2090

109,237.064

–74.14

50% of qualified couples have second child

2023–2037, 2070–2090

2089–2090

27,177.871

–93.57

60% of qualified couples have second child

2023–2037, 2073–2090

–56,475.435

–113.37

80% of qualified couples have second child

2023–2037, 2078–2090

–228,579.784

–154.12

All qualified couples have second child

2023–2037, 2082–2090

–407,106.786

–196.39

  1. Note: “—” refers to that cumulative deficit of pension fund would not appear before 2090. That the cumulative deficit is –228,579.784 billion means the cumulative balance is 228,579.784 billion. Thirteen percent of qualified couples have second child refers to 13% of couples that satisfy the “universal two-child policy” would have the second child