Influence Of The China’s Population Aging On The Financial Industry

At present,the scale of the elderly population in China is constantly expanding,and the population is becoming more and more aging.At the same time,the service industry is in an accelerated development stage,the financial industry has gradually become the new engine of the service industry.The change of population structure will inevitably have an impact on the development of China’s service industry and the financial industry will also be impacted.Many scholars have already studied the impact of population structure on China’s service industry development and its internal structure change,some have discussed the mechanism path of influence.However,there are still some deficiencies.Since the nature within segmentation service industries is greatly different,and few papers have studied the specific impact of population aging on them.Therefore,this paper try to select the financial industry as the research object,and discusses the differentiation effect of population aging on the financial industry.Firstly,this paper analyzes the transmission path about the impact of population aging on the financial industry based on the life cycle theory,supply and demand theory;Secondly,this paper empirically analyzes the impact of population aging on the deposit and loan scale of banking industry,stock trading scale of securities industry and insurance premium income,and then based on the panel data of 30 provinces in China from 1995 to 2017,this paper establish a regression model to analyze the impact of population aging on the financial industry at the national and regional levels from the perspective of the added value of the financial industry.It was found that the aging of population has a restrictive effect on the added value of the financial industry and heterogeneity exists in different regions.Considering China’s bank-dominated finance system,the bank of Shanghai is selected as a case study to analyze and supplement the research results further.Finally,based on the research conclusion,put forward relevant policy recommendations.