Guojin Securities: China's aging population will enter an accelerating phase, the impact of the population "grey rhinoceros" will become increasingly impossible to ignore.

Guojin Securities research report indicates that China's aging population will enter an accelerated phase, and the impact of the "grey rhino" population will become increasingly difficult to ignore. From the supply side, population aging will lead to a shrinking labor force, putting downward pressure on potential growth rates. From the demand side, population aging will exacerbate overall demand deficiencies, manifesting as a negative output gap, and also increase the proportion of service consumption. In the short term, deepening aging will suppress inflation, but in the long term it may push inflation higher.