An Analysis of China's Modern Financial Market Transition from the Perspective of Demographic Transition:International Comparison and Implications
With the rapid change of China's population structure,how to mitigate the impact of aging and explore the growth potential in the aging stage is the key to China's economic transformation to high quality.This paper firstly theoretically analyzes the impact mechanism of demographic structure transformation on the financial market,and then uses the micro-survey data of CGSS2021 and CHFS2019 to analyze the existing problems and challenges in China's financial market at the present stage.The research finds that:Chinese household assets of all ages are mainly concentrated in the indirect financial market repre-sented by real estate,and rarely participate in the direct financial market represented by stocks and bonds,which is in sharp con-trast to the balanced and diversified investment categories of developed countries such as the United States and Japan.In addi-tion,the maturity mismatch of assets and liabilities is serious,and the duration difference will cause the accumulation of risks and aggravate the problem of savings dissipation and consumption upgrading.Therefore,with the advent of the age of aging popu-lation and the increasing dissipation of savings,the construction of a modern financial market system can not only promote the continuous preservation and appreciation of residents'wealth,but also reduce the pressure on pensions and public finance caused by aging.
Demographic TransitionThe Structure of Financial AssetsModern Financial Market
万方数据
维普
