In 2016，the coverage of basic old-age insurance system，fund scale and compensation were expanded and increased. A series of results have been achieved in the reform of basic old-age insurance system：the pension fund investment back on the right track，proposal of the goal of universal coverage during the period of “13th Five-Year Plan”，regulation of enterprise annuity market，promulgation of interim measures for the management of employment annuity fund，issuance of policies on the basic old-age insurance relations and employment annuity transfer and renewal，stricter regulation of basic old-age insurance，increase in level of information of social security and periodical reduction in social security payment rate. The basic old-age insurance system is facing increasing pressure of pension fund payment，expansion of multi-pillar pension insurance system and improvement of supporting measures for the fund investment and operation. This Paper proposes that it is necessary to accelerate the integrated reform in pension insurance and develop the multi-pillar old-age insurance system.