The World Bank’s Doing Business 2020 report shows that China’s social insurance fee rate is as high as 46.2%, ranking second among 190 economies in the world, which has become the biggest weakness in the construction of the current business environment. This paper discusses the logic of this phenomenon and the strategies to address it. It finds that the high social insurance fee rate in China is not only a matter of the statistical caliber of the WB framework, but also related to the rapid economic and social transformation and the imperfect social security system. On this basis, this paper draws on the social security reform experience of other economies, combines them with the actual situation of China’s social security system, and puts forward a package of reform proposals, such as optimizing rates, raising the level of coordination, enhancing the value-added capacity, gradually delaying retirement, increasing the transfer of state-owned assets, and reforming the housing provident fund system.