Notice of RetractionSocial security and household consumption: Historical experience, effect mechanism and policy suggestions

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

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The increase in household consumption is a key point in the transformation of economic growth pattern. Historical experience has proved that a significantly positive correlation does exist between the perfection of social security system and household consumption. The existence of low/mid-income stratum, depressed consumption in rural and developing areas and an irrational consumption structure are the three main factors responsible for a weak household consumption. As improving social security system is the key step to boost household consumption, it is required that social assistance standards should be improved in a further step with a wider coverage and higher level of social pooling. In particular, the social security construction in rural areas and the development of social welfare and service should be highlighted.