Study On The Impacts Of Population Aging On Economic Growth In China

Aging of the population has become the focus of national attention in the world,and it is closely linked to international economic growth.According to statistics,as of 2015,the world's 60-year-old and older population is about 901 million,accounting for about 12.3%of the world's total population.Aging of the population now has become an inevitable trend in the development of the national population age structure of the world.According to Chinese National Bureau of Statistics,as of 2014,60 years and older population is 212 million,accounting for 15.5%of the total population,and aged 65 years and over population is 13755 people,the elderly population coefficient is 10.1%,more than 7%of the population aging line.China is in an important transition period of economic development,as of the end of 2016,Chinese GDP reached 74.4 trillion yuan,an increase of 6.7%,the economic slowdown has become the norm.Population aging is closely related to economic growth,so while maintaining Chinese economic development,how to solve the aging of the population causing the deepening of the social and economic growth problems also need to seriously balance.In order to gain a deeper understanding of the impacts of population aging on Chinese economic growth,this paper analyzes the relationship between population aging and economic growth from the perspective of capital investment and labor supply.First of all,by introducing the economic growth model of human capital accumulation,the paper analyzes the effects of population aging on economic growth and finds that the emergence and development of population aging will lead to the decline of average labor productivity in China.When labor productivity decreases,it will further reduce the investment rate of human capital.In order to discover the relationship between population aging and economic growth,this paper chooses 31 provinces in China from 2002 to 2013,a total of 372 panel data for empirical testing,and the analysis find:firstly,China's per capita GDP,employment level,population aging,material capital and human capital investment level are different,reflecting the current economic development in China is uneven in the regional distribution and the provinces for the absorption capacity of the labor force have a big gap;secondly,population aging has a direct negative effect on economic growth and will curb the positive effects of human capital on economic growth,that is,the deepening of population aging will reduce the efficiency of human capital investment,and indirectly inhibit economic growth;lastly,with the aging of the population,the government will increase investment in fixed assets for the elderly industry,including the increase in medical facilities,housing and other expenses,which can promote economic growth.Under the background of population aging,the effects of human capital investment on economic growth are more and more significant,which is greater than the contribution of ordinary labor supply and material capital investment to economic growth.Therefore,this paper argues that increasing investment in human capital and improving labor knowledge and professional quality are to cope with the aging of the population,to promote economic growth.At the same time,the introduction of private capital,optimizing the industrial structure and the development and utilization of the elderly population resources are also ways to promote sustained economic growth.