China’s population is aging rapidly. The old-age dependency ratio (the population ages 65 and older as a share of the population 15–64) is projected to increase from 13 percent in 2015 to 47 percent in 2050.1 This is a relatively fast increase compared to the rest of the world, where the old-age dependency ratio is expected to only double over this period. By 2050, China’s old-age dependency ratio will be at about the level projected for the developed economies.