This paper uses an OLG model to analyze the dilemma between efficiency and fairness,and then give a numerical simulation for China’s reform practice in pension system with Chinese data.Results showed that :1)Compared to efficiency and fair distribution, partial full-funded syste-m was better than full-funded system, and worse than pay-as-you-go system.2)Based on the situat-ion of China ,it is reasonable to choose and keep partial full-funded system. Labor production is t-he key factor in improving efficiency and fair distribution,more investment was needed to improve human capital,and the school education and vocational education also need to pay more attention.
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