Old-Age Security and Development of the Health and Wellness Economy: Empirical Test Based on the China Health and Retirement Longitudinal Study
Beijing's University
Abstract
The health of the elderly population and the upgrading of the health and wellness industry are crucial and integral components of the national strategy for addressing population aging in the new era. Based on matched data from the 2018 China Health and Retirement Longitudinal Study (CHARLS), this paper analyzes the impact of pension receipt on the demand for the health and wellness industry. Employing causal analysis techniques with instrumental variables, the study finds that receiving a pension has a significant positive effect on the demand for hospital treatment and health checkups, but a significant negative effect on the demand for institutional physiotherapy. Furthermore, this impact exhibits heterogeneity across urban/rural areas, genders, and marital statuses. The health perception of the elderly serves as an important channel through which this influence operates. These findings provide quantitative policy references for continuously optimizing the old-age security system and promoting the sustainable development of the health and wellness industry.
Keywords:
Population Aging; Sustainable Economic Development; Pension; Health and Wellness IndustryData Availability Statement
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