Mainly due to the impact of COVID-19 and the reduction of the basic pension insurance contribution rate paid by work unit to 16% in the Comprehensive Scheme for Reducing Social Insurance Contribution Rates, nearly one-third of China’s provinces’ public pension funds have experienced the phenomenon that revenue does not cover expenditure, which makes the sustainable operation of the public pension insurance system face more severe challenges. Moreover, in recent years, some policies issued by the Chinese government have some complex impacts on the sustainability of basic pension insurance. It is urgent to sort out the impacts of these significant policies on China’s public pension insurance funds, which is conducive to summarizing some useful enlightenment from the existing literatures. It can provide the reference for the government to further reform the system and improve the sustainable operation of China’s public pension insurance.