China's Second Demographic Dividend:Theoretical Exploration and Governance Choices
As the world's aged population grows,the traditional demographic dividend is declining.However,the second demographic dividend theory has opened up a new perspective for economic growth in this context.This paper reviews the theory's conceptual connotations and argues that its applicability to China depends on how it in-tegrates the nation's unique characteristics,economic development,and pattern of population aging.At its core,China's second demographic dividend theory posits that the improvement of population quality can partially offset the negative effects caused by the declining size of the labor force.In the context of rapid development and wide-spread application of science and technology,it is necessary to fully tap the human resources potential of all age groups,especially the older labor force,to reconstruct the society and economic production mode,and ultimately achieve the sustained and stable growth of the national economy.This paper argues that China's current develop-mental stage is capable of realizing a second demographic dividend and has the conditions to realistically achieve it.Doing so,however,depends on policymakers correctly understanding the relevant theories of demographic divi-dends,grasping the long-term dynamics of China's population,and adhering to basic population governance strate-gies.These strategies include a dual emphasis on the supply-and demand-side.This will provide effective policy guidance to society and the markets which will help achieve sustainable social and economic development under the general trend of population aging.
population agingdemographic transition theorysecond demographic dividendeconomic growth