Table 5.

Summary of robustness analysis of main parameter changes Unit: year

Changes			Time point of occurrence of deficit under the strict one-child policy	Universal two-child- 20%	Universal two-child- 40%	Universal two-child- 60%	Universal two-child- 80%	Universal two-child- 100%
Per capita financing standard	+ 1%	Current deficit	2032	3	4	5	6	6
		Accumulated deficit	2040	4	5	6	7	8
	−1%	Current deficit	2021	0	0	0	0	0
		Accumulated deficit	2021	0	0	0	0	0
Per capita compensation expenditure	+ 1%	Current deficit	2021	0	0	0	0	0
		Accumulated deficit	2024	0	0	0	0	0
	−1%	Current deficit	2028	5	7	10	–	–
		Accumulated deficit	2035	8	11	–	–	–
Bank interest rate	+ 1%	Current deficit	2021	1	1	1	1	2
		Accumulated deficit	2027	1	1	2	2	2
	−1%	Current deficit	2021	1	1	1	1	2
		Accumulated deficit	2027	1	1	2	2	2

Note: The numbers represent the change value, which appeared, when the occurrence time of the current deficit and accumulated deficit under certain circumstances compared with the occurrence time of deficit under the strict one-child policy. Moving backward is positive and moving forward is negative. “-” means that no funds deficit will occur during the forecast period