The development of insurance in China has gone through several stages.

(1) Social insurance system establishment stage (1949- 1957)

After the founding of New China, according to the needs of the development of the political and economic situation and the provisions of "gradually implementing the labor insurance system" in the Common Program, which was then an interim constitution, the Party and the government officially promulgated the Regulations on Labor Insurance in People's Republic of China (PRC) on February 26th, 2000.

(2) Adjust the development stage (1958- 1966)

During this period, the state has rectified and improved the social insurance system, and established and improved some social insurance methods and management systems as needed.

(3) Serious frustration and destruction stage (1966- 1976)

From May 1966 to June 1976, the social insurance system in China suffered serious interference and destruction.

(4) In the advanced stage of reform (1976- 1992)

1976 10 smashed the counter-revolutionary clique of the Gang of Four, especially after the Third Plenary Session of the Eleventh Central Committee of the Party, China entered a new era of economic system reform; Driven by the reform theory and practice, the labor insurance system has undergone a series of adjustments and improvements.

(V) The basic formation stage of the social insurance system framework adapted to the socialist market economic system (1992 to present)

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.