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

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.