China’s Population Aging: Economic Problems, Solutions and Prospect

Research Article
Open access

China’s Population Aging: Economic Problems, Solutions and Prospect

Pinhan Yi 1*
  • 1 University of Miami    
  • *corresponding author 1811000205@mail.sit.edu.cn
Published on 10 November 2023 | https://doi.org/10.54254/2754-1169/32/20231570
AEMPS Vol.32
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-085-1
ISBN (Online): 978-1-83558-086-8

Abstract

China's aging population, primarily driven by the family planning policy, increasing life expectancy, and declining fertility rates, poses significant economic challenges for the nation. This paper investigates the implications of this demographic shift on the labor force and productivity, retirement, pension and healthcare systems, and savings and investment behaviors, and provides policy recommendations to address these challenges. The research demonstrates that a shrinking labor force may lead to reduced productivity and wages, impacting the overall economy and China's competitiveness in the global market. However, technological advancements and automation may help mitigate these challenges. In terms of retirement, pension, and healthcare systems, the aging population places considerable pressure on their sustainability. Policy changes, such as delaying retirement age, reforming the pension system, and investing in healthcare infrastructure, may help alleviate these pressures. Regarding savings and investment behaviors, the paper highlights the differences between older and younger individuals, with potential implications for the financial market's stability and growth. The significance of this research lies in its comprehensive analysis of the economic challenges posed by China's aging population and its innovative suggestions for policy changes to address these issues. Key policy recommendations include encouraging technology adoption and innovation, implementing pension system reforms, gradually increasing the retirement age, investing in healthcare infrastructure and professional training, and developing financial products and services tailored to the aging population's needs. These proactive policy changes and adaptations can help China successfully navigate the demographic shift, ensuring continued economic growth and stability for its citizens.

Keywords:

aging population, economic challenges, labor force, pension system, healthcare infrastructure

Yi,P. (2023). China’s Population Aging: Economic Problems, Solutions and Prospect. Advances in Economics, Management and Political Sciences,32,71-77.
Export citation

References

[1]. Total Population in China, https://www.ilo.org

[2]. The Population and Family Planning Law of the People's Republic of China 2002. http://www.gov.cn/banshi/2005-08/21/content_25059.htm

[3]. Zhuang, G. B. (2017). Research on the Evolution and Impact of China's Family Planning Policy (Doctoral dissertation, Nanjing University of Aeronautics and Astronautics). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CDFDLAST2019&filename=1019801119.nh

[4]. National Bureau of Statistics of China, https://data.stats.gov.cn/easyquery.htm?cn=C01

[5]. Deng, Y. (2016). Research on the Application of Computer Control Technology in Industrial Automation Production. Science and Technology and Enterprise (03), 73+76.

[6]. Tang, W. (2017). Analysis of the Management Status of Foxconn Technology Group Co., Ltd. Industry and Technology Forum (05), 285-286.

[7]. Lin, Y. (1994). Economic Thinking on China's Retirement System. Contemporary Finance and Economics (01).

[8]. National Bureau of Statistics of China, https://data.stats.gov.cn/easyquery.htm?cn=C01

[9]. Liu, X. L. (2014). Research on the Gap and Sustainability of China's Pension Insurance Revenue and Expenditure. China Industrial Economy (09), 25-37.

[10]. Du, P., & An, R. X. (2021). The Impact and Implications of COVID-19 on Elderly Health Services. Journal of Hebei University (Philosophy and Social Sciences Edition) (01), 92-98.

[11]. G20 Fukuoka Policy Priorities. (2019). Aging and Financial Inclusion - 8 Key Steps to Design a Better Future. https://www.oecd.org/g20/summits/osaka/G20-Fukuoka-Policy-Priorities-on-Aging.pdf

[12]. Bergantino, S. (1998). Life cycle investment behavior, demographics and asset prices.

Cite this article

Yi,P. (2023). China’s Population Aging: Economic Problems, Solutions and Prospect. Advances in Economics, Management and Political Sciences,32,71-77.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

Disclaimer/Publisher's Note

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

ISBN：978-1-83558-085-1(Print) / 978-1-83558-086-8(Online)
Editor：Canh Thien Dang
Conference website: https://www.icemgd.org/
Conference date: 6 August 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.32
ISSN：2754-1169(Print) / 2754-1177(Online)

© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open access policy for details).

References

[1]. Total Population in China, https://www.ilo.org

[2]. The Population and Family Planning Law of the People's Republic of China 2002. http://www.gov.cn/banshi/2005-08/21/content_25059.htm

[3]. Zhuang, G. B. (2017). Research on the Evolution and Impact of China's Family Planning Policy (Doctoral dissertation, Nanjing University of Aeronautics and Astronautics). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CDFDLAST2019&filename=1019801119.nh

[4]. National Bureau of Statistics of China, https://data.stats.gov.cn/easyquery.htm?cn=C01

[5]. Deng, Y. (2016). Research on the Application of Computer Control Technology in Industrial Automation Production. Science and Technology and Enterprise (03), 73+76.

[6]. Tang, W. (2017). Analysis of the Management Status of Foxconn Technology Group Co., Ltd. Industry and Technology Forum (05), 285-286.

[7]. Lin, Y. (1994). Economic Thinking on China's Retirement System. Contemporary Finance and Economics (01).

[8]. National Bureau of Statistics of China, https://data.stats.gov.cn/easyquery.htm?cn=C01

[9]. Liu, X. L. (2014). Research on the Gap and Sustainability of China's Pension Insurance Revenue and Expenditure. China Industrial Economy (09), 25-37.

[10]. Du, P., & An, R. X. (2021). The Impact and Implications of COVID-19 on Elderly Health Services. Journal of Hebei University (Philosophy and Social Sciences Edition) (01), 92-98.

[11]. G20 Fukuoka Policy Priorities. (2019). Aging and Financial Inclusion - 8 Key Steps to Design a Better Future. https://www.oecd.org/g20/summits/osaka/G20-Fukuoka-Policy-Priorities-on-Aging.pdf

[12]. Bergantino, S. (1998). Life cycle investment behavior, demographics and asset prices.

For authors
Guide for authors Policies for authors Aims and scope Subscription Open access policy
For editors
Policies for editors Editorial board
For reviewers
Policies for reviewers Privacy policy

Cookies are used by this site.
Copyright © 2024 EWA Publishing, its licensors, and contributors. All rights reserved, including text and data mining, AI training, and similar technologies.