This paper investigates the macroeconomic impacts of China’s population aging using a global computable general equilibrium model with overlapping generations. Incorporating the population projections made by the UN, the model finds that the expected demographic changes will reduce China’s average annual economic growth rate by 1.1-1.4 percentage points over the next five decades. Per capita income growth would also slow due to a faster decline in the workforce relative to the population. Raising retirement ages is expected to mitigate the negative effect, but the magnitude of its impact is found to be limited.