Ageing like China: China’s pension reform debate enters a new phase
cepr.org (21.03.2026) China is undergoing a sharp demographic transition: rapid population ageing, a shrinking labour force, persistently low fertility, and continued urbanisation. Using an overlapping-generations framework, this column shows that the demographic transition is a joint growth and fiscal headwind: the economy slows just as ageing-related spending pressures intensify. A recent retirement age reform mitigates some of the economic and fiscal pressures.
Regions / Country
china
Global challenges
Topics
Pensions
Document Type
Status