The reform of China’s endowment insurance system began in the 1990s, and its basic direction has gradually changed from the “pay-as-you-go” system based on cities and enterprises to a multipillar system combining social pooling, personal accounts, and voluntary savings. In 1997 and 2005, the central government took the opportunity to reform the endowment insurance system for urban workers, The Decision on Establishing a Unified Basic Endowment Insurance System for Enterprise Employees (National Doc. [1997] No. 26) and the Decision on Perfecting the Basic Endowment Insurance System for Enterprise Employees (National Doc. [2005] No. 38) were issued, and the basic endowment insurance system featuring the combination of social pooling and individual accounts was initially established. In 2009, the new rural social endowment insurance (hereafter referred to as the “new rural insurance”) was piloted, and the majority of farmers began to enjoy public pensions subsidized by the government. The new rural insurance also adopts the financing mode of combining unified accounts. In addition to individual contributions, social pooling comes mainly from financial subsidies from the central and local governments. The difference is that the new rural insurance not only allows the insured to choose the payment grade independently but also allows rural residents who have reached the age of 60 to receive a basic pension without payment; thus, it has a certain nonpayment nature. Of course, because the new rural insurance has not been implemented for long and the scale of the fund income and expenditure is small, discussion on the reform of the endowment insurance system in academic circles has focused mainly on endowment insurance for urban workers, which is more prominent.