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The social insurance is built to safeguard social fairness and the welfare of members at first, it has little relationship with economic growth in its initial definition. However, when re-allocating resources, it has an impact on economic growth by way of changing the participants’budget constraints and welfare state which are influenced by the savings, consumption, investment and other micro-economic decision-making factors.Some of existing literatures’researchers concerned about the design or the impact of the social insurance system, others paid attention to the role of overlapping generations model, and still others thought about retirement effect, legacy effect and so on. In this paper, I choose consumption, savings, investment, human capital investment as intermediate factors, analyzing social insurance-economic growth relationship in theory separately.In addition, I want to explore whether there is role in China’s social insurance promoting economic growth. The co-integration test, which uses time-series data for the1989-2009 period of china, shows that there is Granger causality between social insurance and economic growth in China and there is a long-run equilibrium relationship between them. The result said:the social insurance has a certain effect on economic growth, this effect is not obvious and the long-term equilibrium coefficient is 0.887.As a whole, the conclusions of empirical result have something to do with the inactive domestic consumption, rising household savings, deposit funds accumulation, low efficiency of investment and the deficiencies of social insurance system design. In order to improve the conduction relationship of social insurance and economic growth,make the social insurance play its role in promoting economic growth, this article will try to give suggestions as follows: expanding the final consumer demand, optimizing the investment structure, reforming income distribution system, improving the social insurance arrangements and so on. These suggestions are put forward to promote economic development in healthy.
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