平安证券-2025重振消费之路（三）：健全社保体系如何撬动消费

Group 1: Social Security System Achievements - China's social security system has become the largest in the world, significantly enhancing final consumption rates, which rose by 7.2 percentage points to 56.5% from 2010 to 2019[20] - By the end of 2024, basic pension insurance and medical insurance covered 1.066 billion and 1.326 billion people, respectively, achieving approximately three times the coverage compared to 2010[26] - The participation rate for basic medical insurance reached 94.2% by 2024, while basic pension insurance exceeded 95%, ahead of the "14th Five-Year Plan" target[26] Group 2: Quality of Coverage Issues - The quality of insurance coverage remains a concern, with only 80.6% and 57.6% of urban employees covered by pension and medical insurance, respectively, indicating a gap of approximately 9 million and 20 million people[45] - Rural residents' pension replacement rate is only 14.4%, insufficient to cover basic food expenses, while urban retirees receive an average pension that exceeds daily expenses by 2872 yuan[37] - The reimbursement rate for residents' medical insurance is lower than that for urban employees, leading to a significant disparity in medical consumption willingness[43] Group 3: Barriers to Participation - The current social security system does not mandate participation for flexible employment and self-employed individuals, resulting in a significant coverage gap among these groups[50] - The minimum contribution base for social security is often higher than the actual income of low-income individuals, increasing their financial burden and discouraging participation[58] - The average income of flexible employment individuals is only 44.4% of the average urban employee's salary, making it difficult for them to meet the social security contribution requirements[70]