Abstract: What is the biggest challenge that China will face in the next decade or more? Not economic recession, not environmental deterioration, not inflation, but social equity! This book discusses the most important 14 issues involved in fairness: rural areas, compulsory education, college entrance examination, universities, pension, medical care, housing, food safety, charity, taxation, public budget, central enterprises, foreign exchange reserves, and family planning. In all these aspects, we need to make a breakthrough reform based on fairness, otherwise, we will be farther and farther away from a harmonious society. For more analysis, please pay attention to Wang Fuzhong's new book, Book Fair China: The Key to a New Miracle in the Next Decade. Endowment insurance is the most important and core part of the social security system, because other parts of social security, such as unemployment, work injury, maternity, medical care and other insurance objects, are uncertain things. Not everyone will be unemployed (unemployment is mostly temporary), injured at work, seriously ill, etc. However, everyone will get old and need to provide for the elderly, which is certain. Therefore, unless otherwise specified, social security refers to old-age insurance. Endowment insurance includes basic endowment insurance, supplementary endowment insurance and commercial insurance. The basic old-age insurance is enforced by the government, and the financing system to protect retirement, disability and people's livelihood in old age is mandatory, and individuals should participate whether they like it or not. Enterprise supplementary endowment insurance is a supplement to the basic endowment insurance system, aiming at better protecting the retirement life of employees. Enterprises generally supplement old-age insurance by establishing annuities for employees. Commercial insurance is a commercial life insurance that individuals voluntarily participate in. The modern old-age insurance system can be traced back to 1668, the French pension for seafarers, and 1888, the social security law for the elderly disabled in Germany. The old-age insurance (social security) system in the modern sense began in America 1935. At that time 1933, shortly after the great depression, there was no compulsory protection for social pain, and people felt insecure and did great harm. Why should the government intervene in providing for the aged, which is a personal matter? Even the United States, the so-called freest capitalist country, was the first to implement the government compulsory old-age insurance system? Why can't individuals solve the problem of providing for the aged completely through personal savings or commercial insurance? Milton friedman has spared no effort to attack the American pension insurance system. He said that if a person is willing to choose a life of drinking when he is young and living in poverty when he is old, it is his freedom, and maybe he still thinks it is enjoyment. The government should not interfere with this person's free choice. Friedman also pointed out that the consumption of a person's life is quite stable, and almost every time it is consumed according to his "permanent income" of his life. When he is old, he will also have money to spend, including money for medical treatment, and the government will not have to worry about it at all. However, most economists don't think so. For example, Keynesians believe that personal consumption is determined by the disposable income of individuals or families at that time. People are short-sighted and have no foresight, and some people can't support themselves. They believe that not all people are rational and can arrange their lives "reasonably". There are blind spots and irrationality in people's understanding, so it is absolutely necessary for the government to "help" them forcibly, implement paternalism and forcibly establish pensions. In addition, the social security promoted by the government has the characteristics of full coverage, which can take care of all people in the whole society, especially the vulnerable groups, and has the characteristics of * * * economy (interpersonal transfer) and fairness. This is also the reason why the government is keen to intervene in pension affairs. These reasons can also explain why it is not reliable to rely solely on personal savings for the elderly. How about commercial insurance? There may be adverse selection in commercial insurance. Insurance companies pursue safety and profit. They like people who pay for a long time but enjoy insurance for a short time, that is, people with short lives, but such people are unwilling to buy life insurance. On the contrary, people with short payment time and long life are more willing to buy life insurance, but insurance companies don't like such people. In this way, the former will gradually withdraw from insurance, while the latter will flock in, and the risks of insurance companies will increase and insurance premiums will have to be raised. Then, repeat the above entry and exit until the premium is so high that the number of insured people is too small, and the loss of the insurance company is a foregone conclusion and it goes bankrupt. Therefore, commercial endowment insurance is unreliable, and government coercion is necessary at this time.