Abstract: Throughout the development course of China's aging industry， the Government has held a clear and steady attitude towards the issue of elderly care and continuously adjusted its intervention in the issue from sole government responsibility to the shared responsibility by all sides of the society， from an athlete role to a dual role of both athlete and referee. This is the fundamental requirement of socialism with Chinese characteristics， and determined by the particularity and importance of pension activities. However， problems still exist such as an incomplete pension system， inadequate policy measures， and unclear government and market functions. The pension security system should be further improved to clarify the boundary between government and market functions.

Key words: aging, aging industry, government functions