China: Population Aging and Economic Growth
I. INTRODUCTION II. TREND IN POPULATION AGING IN CHINA III. INCREASE RATE OF TOTAL AND ELDERLY POPULATION IV. IMPACT OF THE RISING ELDERLY ON ECONOMIC SOCIAL SYSTEMS V. ECONOMIC EFFECTS ON CHINA’S ECONOMY VI. CURRENT SOCIAL PROGRAMS FOR THE ELDERLY VII. FUTURE SOCIAL PROGRAMS FOR THE ELDERLY VIII. POSSIBLE ECONOMIC IMPACT ON LABOR, FAMILY, AND WORKING-AGE IX. CONCLUSION
INTRODUCTION
Thirty-five years ago the proportion of young and the elderly was six to one. However, during the next thirty-five years the proportion of elderly will be two times greater than the number of young, according to the China Business Times. Although China’s current population is young and its economy is striving at a prosperous rate with enough resource for the aging, by the year 2050, China will face an increasing aging population that will be three times what it is today, resulting in a two to one ratio of working-age adults to retirees, meaning, approximately 1.6 working age adults will support every person aged 65 and above. This change will have economic impact on pension and living standards for seniors as well as working generations to come.
This paper attempts to analyze the impact and challenges of an aging population on China’s economy development, and social security system. The points covered will focus on the demographic impact on an aging society and its development since 1950, the proportion of elderly to young population and it dependency which is increasing due to the rapid decline of fertility and mortality over a short time frame, the imbalance effect on China’s social security system and economy.
China’s population is aging much faster because of the dramatic fertility declines and increasing longevity of its elder population. According to England, the population age 65 or older increased to
INTRODUCTION
Thirty-five years ago the proportion of young and the elderly was six to one. However, during the next thirty-five years the proportion of elderly will be two times greater than the number of young, according to the China Business Times. Although China’s current population is young and its economy is striving at a prosperous rate with enough resource for the aging, by the year 2050, China will face an increasing aging population that will be three times what it is today, resulting in a two to one ratio of working-age adults to retirees, meaning, approximately 1.6 working age adults will support every person aged 65 and above. This change will have economic impact on pension and living standards for seniors as well as working generations to come.
This paper attempts to analyze the impact and challenges of an aging population on China’s economy development, and social security system. The points covered will focus on the demographic impact on an aging society and its development since 1950, the proportion of elderly to young population and it dependency which is increasing due to the rapid decline of fertility and mortality over a short time frame, the imbalance effect on China’s social security system and economy.
China’s population is aging much faster because of the dramatic fertility declines and increasing longevity of its elder population. According to England, the population age 65 or older increased to
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