Effects of China's New Rural Pension Scheme on Aging Populations

China initiated a rural pension program targeting its large rural population in 2009. This new scheme was widely recognized as a significant improvement over previous welfare programs, markedly enhancing the quality of life for the aging rural community. Utilizing panel data from the Chinese Longitudinal Healthy Longevity Survey (CLHLS), our study employed a difference in difference strategy following propensity score matching to investigate the effect of this pension program on multiple outcomes at the individual level. Our findings indicate that the pension program significantly lowered both systolic and diastolic blood pressure, and notably enhanced the overall health and well-being of participants. Further, we examined how the program's impact varied over time by segmenting participants according to their enrollment duration, observing distinct long-term and short-term effects on several health metrics. We acknowledge the positive influences from China's new rural pension on elderly life and discuss potential directions for future research.