Population Aging, Digital Financial Inclusion, Development Strategies and Economic Resilience
By Dongsong Cai, Ling Long, WanHuan Cai & Xin Wang
As China enters into a deeply aging society, China’s demographic development has come to an unprecedented stage of great transition, which also has an impact on economic resilience. Based on the perspective of new structural economics, the relationship between population aging and economic resilience is explored. Meanwhile, empirical tests using provincial panel data find that, firstly, there is a positive effect of population aging on economic resilience, i.e., population aging is conducive to the enhancement of economic resilience. Secondly, under the regulation of the stage of economic development, the impact of population aging on economic resilience has a positive “U”-shaped relationship that declines first and then rises, and at present, China is dominated by the positive income effect; thirdly, there is heterogeneity in the impact of population aging on economic resilience, and population aging is more conducive to promoting the economic resilience of the regions with a higher degree of economic development. resilience. Fourth, digital financial inclusion has a positive moderating effect on the impact of population aging on economic resilience, and development strategy has a negative moderating effect on the impact of population aging on economic resilience.
Source SSRN
