AI,Aging And Economic Growth:Mechanism Analysis And China’s Example

At present,the aging of population has become a prominent problem in China’s social development.It is estimated that China’s population will enter into moderate aging during the "Fourteenth Five-Year Plan" period and severe aging around 2035.History and international experience show that the deepening of aging will cause major changes in the socio-economic structure,and at the same time will bring more serious impact on economic growth.Therefore,it is necessary to explore effective measures to cope with aging.In the report of the 20 th National Congress of the Communist Party of China,it was emphasized that the development of AI could cultivate new engines of economic growth,promote industrial upgrading and promote high-quality development of China’s economy.The wide application of AI technology can not only reduce the dependence on labor force,but also improve the total factor productivity of society and promote national economic development.Therefore,in the process of actively responding to the aging of the population,it is particularly important to further explore artificial intelligence to mitigate the adverse effects of aging on economic growth.This paper first combs and summarizes the literature related to AI,aging and economic growth,and describes and analyzes the characteristics and facts of the development status of the three in China’s economy.On the basis of previous studies and the fact of China’s characteristics,we refined our ideas to build an economic growth model including AI and aging,and studied the role of aging and AI on economic growth.Combined with the economic growth model,this paper further analyzes the specific ways of aging inhibiting economic growth and the mechanism of artificial intelligence to alleviate aging inhibiting economic growth.Two conclusions are drawn: first,aging will reduce labor supply,inhibit capital accumulation,technological progress and human capital improvement,and then inhibit economic growth;Second,AI can alleviate the inhibition of aging on economic growth in the above four aspects.Finally,based on China’s experience and facts,using the data of29 provinces in China from 2012 to 2019,we use the benchmark panel regression model to study the impact of China’s aging on economic growth.Using the interactive term and panel adjustment effect model of aging and AI,this paper studies the impact of AI development in China on alleviating the inhibition of aging on economic growth,and verifies the conclusion of theoretical mechanism analysis in this paper.The innovation of this paper is that: this paper constructs a new economic growth model including artificial intelligence and aging,and combines the theoretical mechanism analysis to comprehensively analyze the inhibitory effect of artificial intelligence in alleviating aging on economic growth from the four aspects of labor supply,capital accumulation,technological progress and human capital,which to a certain extent enriches and expands the existing relevant research.In the empirical aspect,this paper introduces the interaction between aging and AI,and uses the panel adjustment effect model to more clearly study the effect of AI on alleviating the inhibition of aging on economic growth in China and verify the conclusion of this paper.