Impact of China's Aging Population on Economic Development and Possible Solutions

Abstract

China's economic structure has been unbalanced for a long time, and now it faces the severe challenge of the aging population. This article will deeply analyze the impact of population aging from the aspects of social impact, labor force and medical security. With the unexpected arrival of an aging society, the government, society, and individuals should remain calm. They should recognize the negative and positive aspects of its effect on social development. The reduction of cheap labor will undoubtedly harm the development of labor-intensive enterprises. However, it can force these businesses to increase their labor productivity rate, move into the field of high technology and high added value, and increase the employment rate of college students and another high-quality talent. Moreover, the aging population will drive the growth of the elderly economy and related service industries such as home Economy. In this article, we will also list several ways to solve the economic crisis caused by the aging population