Population aging, digital financial inclusion, development strategies and economic resilience

Dongsong Cai, Ling Long, Wanhuan Cai and Xin Wang

International Review of Economics & Finance, 2025, vol. 103, issue C

Abstract: As China enters 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. 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. Based on this, it is necessary to actively develop human resources for the elderly, strengthen the supporting role of digital inclusive finance, and optimize the regulatory direction of the development strategy, to promote the synergistic development of population aging and economic resilience in the three aspects of the government, enterprises and society.

Keywords: Population aging; Economic resilience; Digital financial inclusion; Development strategies; New structural economics (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:103:y:2025:i:c:s1059056025004812

DOI: 10.1016/j.iref.2025.104318

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