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Abstract: With the gradually intensified aging level, the combination of the multitrack is officially launched with extensive focus on the low substitution rate at the same timeFirst from the micro perspective, this paper applies bufferstock savings theory and relative empirical analysis to study the effect of pension system on the consumption behavior from two aspects: pension multitrack and substitutionThe results both show that Chinas exist of the pension multitrack and low substitution rate to some extent can both explain consumption behaviorCivil servants and institutional staffs hold higher consumption tendency than enterprise personnelAfter controlling the multitrack，improving the pension substitution rate can help stimulate consumption expenditure, especially for those families which have lower income level and female household head.

Key words: bufferstock savings , consumption level , multitrack , pension substitution rate, Tobit