China now has more than 223 million people aged 65 and over, compared with roughly 213 million children aged 14 or under. Last year, the old-age dependency ratio reached 23.1%, surpassing the child dependency ratio of 22%. This shift increases pressure on pensions, healthcare and long-term care in a country whose population fell for the fourth consecutive year in 2025. To compensate for the shrinking workforce, the government is gradually raising the retirement age and introduced an annual subsidy of 3,600 yuan for each child under three. Responding to ageing is also boosting the “silver economy,” which Beijing expects to grow to 30 trillion yuan by 2035.
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