Abstract: By making use of the relevant data from 2012 to 2016, this paper measures and calculates the overall effect and the structural effect of inter-provincial redistribution of the central adjustment system for basic pension funds on the basis of the analysis of the inter-provincial differences of the basic pension insurance development. The findings show that: (1) there are significant differences in the three dimensions, i.e., economic support, system support, and system demand, of each provincial pension insurance system; (2) the central adjustment system has the inter-provincial redistribution effect for balancing interregional pension burden, with the increase of the deposit rate, the redistribution effect will be greater, but the strength of the effect will be weakened; (3) if the contribution regions are relatively concentrated and the benefited regions are relatively decentralized, the result of the measurement will be more consistent with the development level of the pension insurance; (4) it is also found that the central adjustment system has a certain“adverse adjustment”effect, which is a challenge to the social equity of the system.

Key words: pension insurance fund; central adjustment system; inter-provincial redistribution