The Economic Impact of Population Aging in China: Effectiveness of Delayed Retirement

Research Article
Open access

The Economic Impact of Population Aging in China: Effectiveness of Delayed Retirement

Fangpei Ren 1*
  • 1 Qingdao University of Technology    
  • *corresponding author 1771759811@qq.com
Published on 14 September 2023 | https://doi.org/10.54254/2753-7048/9/20230251
LNEP Vol.9
ISSN (Print): 2753-7056
ISSN (Online): 2753-7048
ISBN (Print): 978-1-915371-99-7
ISBN (Online): 978-1-83558-000-4

Abstract

China, being a populous country, is facing the challenges and opportunities brought by population aging. This research paper explores the potential of delayed retirement as a policy intervention to address the impact of population aging on China's social and economic development. The paper reviews relevant literature on the challenges and implications of an aging population, discusses the current situation of population aging in China, and analyzes the potential benefits and limitations of delayed retirement as a policy response. The research finds that China's population is still relatively abundant in labor resources, but aging poses challenges to social and economic development. Delayed retirement, as a policy intervention, has social value and economic significance in alleviating the aging problem. However, limitations such as the lack of data on the long-term impact of population aging on the economy and the absence of official implementation of delayed retirement in China should be acknowledged. The paper also highlights the need for future research to focus on motivating workers to accept and actively choose delayed retirement, prioritizing young people's employment opportunities, addressing fertility issues, and considering a global perspective in contrasting the problems faced by developed and developing countries. In conclusion, while delayed retirement holds potential as a policy intervention for addressing the challenges of population aging in China, further research is needed to fully understand its impact and limitations. By adopting a comprehensive approach that considers the economic, social, healthcare, and employment aspects of aging, policymakers can develop effective strategies to promote the well-being and sustainability of an aging society in China and beyond.

Keywords:

population aging, delayed retirement, China, economic impact

Ren,F. (2023). The Economic Impact of Population Aging in China: Effectiveness of Delayed Retirement. Lecture Notes in Education Psychology and Public Media,9,346-352.
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References

[1]. National Bureau of Statistics, 2021.

[2]. Du, Y., & Yang, C. (2015). Demographic transition and labour market changes: Implications for economic development in China. China's Economy: A Collection of Surveys, 25-44. https://doi.org/10.1002/9781118982433.ch3

[3]. White, M. S., Burns, C., & Conlon, H. A. (2018). The impact of an aging population in the workplace. Workplace health & safety, 66(10), 493-498. DOI:10.1177/2165079917752191.

[4]. Wang, J. X., & An, C. (2018). Global Ageing Facts, Impacts and Policy Responses. Chin. Soc. Secur. Rev, 4, 14-30.

[5]. National Bureau of Statistics, 2021.

[6]. China Statistical Yearbook, 2019.

[7]. Palmore, E. B., Fillenbaum, G. G., & George, L. K. (1984). Consequences of retirement. Journal of gerontology, 39(1), 109-116. https://academic.oup.com/geronj/article/39/1/109/562193

[8]. Wu, Y., Xu, C., & Yi, M. (2022). The Optimal Choice of Delayed Retirement Policy in China. Sustainability, 14(19), 12841. https://doi.org/10.3390/su141912841

[9]. Chen, X., Zhong, S., & Qi, T. (2020). Delaying retirement and China’s pension payment dilemma: based on a general analysis framework. IEEE Access, 8, 126559-126572. DOI: 10.1109/ACCESS.2020.3008520.

[10]. Le Garrec, G., & LHuissier, S. (2017). Differential mortality, aging and social security: delaying the retirement age when educational spillovers matter. Journal of Pension Economics & Finance, 16(3), 395-418. https://doi.org/10.1017/S1474747215000396

[11]. Yu Xinran & Su Fang. (2023). Analysis of the effects of Life expectancy and years of Education on the willingness to delay retirement: Based on the sample of the labor force about to retire. Northwest population (01), 43-58. DOI: 10.15884 / j.carol carroll nki. Issn 1007-0672.2023.01.004.

[12]. Interim Measures of The State Council on Retirement and Resignation of Workers, 1978.

[13]. Díaz-Giménez, J., & Díaz-Saavedra, J. (2009). Delaying retirement in Spain. Review of Economic dynamics, 12(1), 147-167. DOI: 10.1016/j.red.2008.06.001.

[14]. Yang F. (2021). A comparison of retirement policy systems in China, the United States and Japan under the background of aging and its implications. Western China (02),107-115. http://www.cnki.net

[15]. Hernaes, E., Markussen, S., Piggott, J., & Vestad, O. L. (2013). Does retirement age impact mortality? Journal of health economics, 32(3), 586-598. https://doi.org/10.1016/j.jhealeco.2013.03.001

[16]. Lee, H. H., & Shin, K. (2019). Nonlinear effects of population aging on economic growth. Japan and the World Economy, 51, 100963. https://doi.org/10.1016/j.japwor.2019.100963

Cite this article

Ren,F. (2023). The Economic Impact of Population Aging in China: Effectiveness of Delayed Retirement. Lecture Notes in Education Psychology and Public Media,9,346-352.

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About volume

Volume title: Proceedings of the International Conference on Social Psychology and Humanity Studies

ISBN：978-1-915371-99-7(Print) / 978-1-83558-000-4(Online)
Editor：Faisalabad Matilde Lafuente-Lechuga, Muhammad Idrees
Conference website: https://www.icsphs.org/
Conference date: 24 April 2023
Series: Lecture Notes in Education Psychology and Public Media
Volume number: Vol.9
ISSN：2753-7048(Print) / 2753-7056(Online)

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References

[1]. National Bureau of Statistics, 2021.

[2]. Du, Y., & Yang, C. (2015). Demographic transition and labour market changes: Implications for economic development in China. China's Economy: A Collection of Surveys, 25-44. https://doi.org/10.1002/9781118982433.ch3

[3]. White, M. S., Burns, C., & Conlon, H. A. (2018). The impact of an aging population in the workplace. Workplace health & safety, 66(10), 493-498. DOI:10.1177/2165079917752191.

[4]. Wang, J. X., & An, C. (2018). Global Ageing Facts, Impacts and Policy Responses. Chin. Soc. Secur. Rev, 4, 14-30.

[5]. National Bureau of Statistics, 2021.

[6]. China Statistical Yearbook, 2019.

[7]. Palmore, E. B., Fillenbaum, G. G., & George, L. K. (1984). Consequences of retirement. Journal of gerontology, 39(1), 109-116. https://academic.oup.com/geronj/article/39/1/109/562193

[8]. Wu, Y., Xu, C., & Yi, M. (2022). The Optimal Choice of Delayed Retirement Policy in China. Sustainability, 14(19), 12841. https://doi.org/10.3390/su141912841

[9]. Chen, X., Zhong, S., & Qi, T. (2020). Delaying retirement and China’s pension payment dilemma: based on a general analysis framework. IEEE Access, 8, 126559-126572. DOI: 10.1109/ACCESS.2020.3008520.

[10]. Le Garrec, G., & LHuissier, S. (2017). Differential mortality, aging and social security: delaying the retirement age when educational spillovers matter. Journal of Pension Economics & Finance, 16(3), 395-418. https://doi.org/10.1017/S1474747215000396

[11]. Yu Xinran & Su Fang. (2023). Analysis of the effects of Life expectancy and years of Education on the willingness to delay retirement: Based on the sample of the labor force about to retire. Northwest population (01), 43-58. DOI: 10.15884 / j.carol carroll nki. Issn 1007-0672.2023.01.004.

[12]. Interim Measures of The State Council on Retirement and Resignation of Workers, 1978.

[13]. Díaz-Giménez, J., & Díaz-Saavedra, J. (2009). Delaying retirement in Spain. Review of Economic dynamics, 12(1), 147-167. DOI: 10.1016/j.red.2008.06.001.

[14]. Yang F. (2021). A comparison of retirement policy systems in China, the United States and Japan under the background of aging and its implications. Western China (02),107-115. http://www.cnki.net

[15]. Hernaes, E., Markussen, S., Piggott, J., & Vestad, O. L. (2013). Does retirement age impact mortality? Journal of health economics, 32(3), 586-598. https://doi.org/10.1016/j.jhealeco.2013.03.001

[16]. Lee, H. H., & Shin, K. (2019). Nonlinear effects of population aging on economic growth. Japan and the World Economy, 51, 100963. https://doi.org/10.1016/j.japwor.2019.100963

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