The Chinese government recently modified the tax law to exclude employers’ contributions to employee pension plans from taxable income and to allow the funds in those plans to accumulate tax-free. This tax-favored employee saving plan is a good substitute for more comprehensive social-security pensions, but it has had the undesirable effect of increasing household saving, rather than increasing consumer spending.
目前，中国在鼓励雇主退休金储蓄方面动用了税收激励。中国政府最近修改了税法，将雇主支付雇员退休金计划开支从应税所得中扣除，并且养老金计划中所累计的资金均可免税。这一有税收优惠的雇员储蓄计划是更全面的社会保障退休金的优质替代品，但也有增加家庭储蓄而非消费支出的副作用。