Abstract: During the pilot process of the new rural social pension insurance, in order to maximize their own interests, the four major financing bodies (central government, local government, collective organizations, farmers) are performing a variety of games, which has reduced the expected earnings of the new rural endowment insurance policy to a certain extent and increased the difficulty of policy implementation. Therefore, in order to balance the interests of the four financing bodies, the following four mechanisms must be established and perfected, i.e., the protection mechanism for financial subsidies at all levels, the incentive mechanism to encourage farmers to buy insurance with the gradient payment subsidies, the constraint mechanism for collective subsidies, and the appealing and expression mechanism for farmers’ interests, so that the four major financing bodies can trust each other in their cooperation and games.

Key words: new rural social pension insurance; financing bodies; balance; game analysis