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1、 This research report has been created by CCB International Securities Limited.Analyst certifications and other important disclosures on last page 1 Chinas accelerating aging population.Currently,China has the largest number of people over the age of 65 in the world.According to Chinas 7th populatio

2、n census in 2020,the number of people aged 65 years old and above accounted for 13.5%of Chinas total population,indicating a moderately aging society.This ratio is expected to increase to c.22%in 2035F,according to a National Health Commission forecast.With the backdrop of impressive improvement in

3、the provision of public medical services and improvements to living quality,Chinas life expectancy made historic strides over the decades,with the average lifespan increasing from 43.4 years in 1950 to 78.2 years in 2021,according to the National Bureau of Statistics.However,a rapid reduction in fer

4、tility rates in combination with a steeply rising life expectancy caused severe distortion in Chinas population pyramid.In fact,China recorded its first negative population growth since 1961 after the population fell 850,000 YoY to 1.4118b in 2022.This will accelerate the population aging issue in C

5、hina,in our view.“New elderly”have money to spend Riding on Chinas rapid economic development over the past few decades,seniors nowadays have accumulated significant wealth and spending power.Breakneck economic development in China has led to improved income levels and with it,dramatic changes in li

6、festyle.This has extended lifespans.The number of so-called“new elderly”is expected to increase.Aggregate annual pension income is estimated to have reached RMB6.6t in 2021,and forecast to grow at a mid-single-digit pace in 2022F,according to the Ministry of Human Resources and Social Security and t