Education one way out of aging society woes

As of the end of last year, China's elderly population aged 60 and above had reached 297 million, accounting for 21.1 percent of the nation's total population, while those aged 65 and above stood at 217 million, accounting for 15.4 percent of the total. By international standards, China is now considered a moderately aging society.

Population is one of the key variables affecting economic growth. Among the doubts and concerns — both at home and abroad — over the country's ability to maintain its economic growth momentum, a major discussion is whether China's economy has peaked due to its shrinking demographic dividend, and how the country will cope with the challenges brought by a graying populace.

Such doubts and concerns are reasonable. From the perspective of supply, as population aging accelerates, it will lead to a decrease in labor supply, a falling labor participation rate and an increase in labor costs. This will in turn affect the profits and competitiveness of manufacturers. From the perspective of demand, the increase in the elderly demographic will change the structure of consumer demand. With the expansion of seniors, whose income levels see slow growth, a decrease in consumption is inevitable, which is not conducive to economic growth.