本文指出为了应对人口老龄化的挑战和适应建立市场经济体制的需要,养老保险基金的筹集方式必须由现收现付制转变为部分积累制。但在转制过程中产生了隐性债务问题,这个问题目前尚未得到妥善解决,已成为新旧体制转轨的主要障碍。因此,必须及时、合理、有效地解决隐性债务问题。 This article points out that in order to meet the challenge of population aging and adapt to the need of establishing a market economy, the way of raising pension funds must be changed from PAYG mode to partial accumulation system. However, the issue of implicit debt has been created in the process of restructuring. This issue has not been properly solved so far and has become a major obstacle to the transition of old and new systems. Therefore, we must solve the hidden debt problem promptly, reasonably and effectively.