1. Principles of Social Security Lecturer: Jack Wu

2. Social Security Social Assistances: Means-Tested Programs (In Cash or In Kind) Social Insurances _Retirement Insurance _Disability Insurance _Unemployment Insurance _Health Insurance

3. Financing Pay-As-You-Go Fully Funded Partially Funded Defined Contribution Defined Benefit

4. Contribution Social Security Payroll Tax Premium _Lump-Sum Premium _Salary-related Premium Shared by government, employer and employee

5. Benefit Flat rate Salary-related Benefit

6. Social Security Wealth Gross Social Security Wealth Net Social Security Wealth

7. Return Implicit Return Rate Replacement Rate Marginal Benefit-Tax Linkage

8. Economic Impacts of Social Security Saving Work Retirement

9. Insolvency Aging Problem causes the insolvency crisis of Pay-As-You-Go system Declining return makes social security less popular among young generations Social security has to reform.

10. Reform Trend Privatization _ Advance funding _ Portfolio Diversification _ Individual Account

11. Economic Benefits of Privatization Saving Efficiency Economic Growth Return Rate

12. Costs of Privatization Transition Costs Risk Costs

13. China Social Security Reform Early stage: Purely sponsored by enterprises Middle stage: Social Security Pooling Recent stage: Multi-tier Social Security System Future Trend: Privatization