Understanding migrants’ status and socio-economic outcomes can help develop immigrant societies. Household registration in China plays a vital role in migrants’ status to provide an excellent research environment. Based on panel data from the Institute of Social Science Survey (CFPS) from 2012 to 2020, this paper investigates the impact of various old-age insurance schemes on urban residents’ consumption with the difference in household registration. The result shows that insurance increases consumption more in a higher benefit scheme due to a lower level of precautionary saving motivation. Household registration reduces consumption by causing disparities in insurance coverage. Even after matching propensity scores to adjust for baseline differences between agricultural and non-agricultural households in cities, residents with agricultural registration participate more in a lower benefit scheme of old-age insurance. Furthermore, agricultural households consume less than non-agricultural households despite receiving the same old-age insurance scheme, owing to a greater incentive for precautionary savings. This finding sheds light on the relationship between economic behavior and social conditions with significant policy implications for the economic assimilation of migrants.

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Correlation networks and risk spillovers within financial institutions contribute to the generation and dissemination of systemic risk. In this paper, a risk correlation network is constructed among Chinese banks employing the maximum entropy method, which simulates the individual risks of banks in the presence of exogenous shocks, the contagious risks, and total systemic risk through the effect of network spillovers, and analyzes its influencing factors. The results show that there is an increasingly rising trend in the overall systemic risk of China’s banking industry, and that the value of systemic risk is relatively large. From the perspective of the composition of banking systemic risk, individual risk accounts for a large proportion, about 70%, which is the main source of banking systemic risk, among which China’s state-owned commercial banks are the largest source. The contagious risk of banks accounts for about 30%. Furthermore, the contagious risk contribution of various banks is basically negatively correlated with their scale. The smallest urban commercial bank in the banking industry contributes at least 50% of the contagion risk, while the state-owned commercial bank, which accounts for about 40% of the total assets of the banking industry, only contributes less than 30% of the contagion risk.

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