Abstract: Based on the two groups of panel data of CFPS in 2010-2012 and 2010-2018,this paper first eliminates the“self-selection effect”and the endogenous problem of the new rural social basic pension insurance policy through PSM-DID,then it conducts an assessment of the impact that may brought about by the new rural social pension insurance policies on the consumption of the rural residents.The research results show that the facilitating effect of the new rural social pension insurance policy on rural residents’consumption is mainly reflected in the short-term,and this short-term consumption promotion effect is mainly manifested in the samples of rural residents aged 60 and above.From the perspective of consumption structure,the new rural social pension insurance policy has mainly promoted the three types of basic living consumption,i.e.,the rural residents’food consumption,clothing consumption,and daily consumption.At the same time,there still exists some regional heterogeneity in the impact of the new rural social pension insurance policy on rural residents’consumption,of which,the promoting effect on the consumption in the western underdeveloped areas is significant,but this promotion effect will be gradually weakened as the regional economic development level gradually increases.

Key words: new rural social pension insurance, consumption structure, income effect, expected effect