As a life event, fertility behavior has accumulative impacts on individuals' later-life health. This paper examines the effect of the number of births on Chinese older adults' depression by applying OLS and Probit models on data from the 2013 China Health and Retirement Longitudinal Study. Older adults with more children have more depressive symptoms. This negative association is more pronounced among those having three or more children. The mediation analysis suggests that the number of children affects the mental health of the older adults because it influences individuals' physical health and support from children. Analyses on the subgroups suggest that the influence of fertility on depressive symptoms is significant among rural older adults, adults aged 60-70 and older women. Other reproductive behaviors such as an older age at first birth and a longer reproductive period also adversely affect the mental health of older adults.

This paper explores the impact of population structure on China’s housing market using a general equilibrium theory framework. The simulation results suggest that there are marked impacts of the demographic transition on changing housing prices. Largely resulting from the baby boom in the 1980s and rapidly declining births in the 1990s, China’s house prices had rising pressure in around 2001 when the 80s baby boom generation entering into marriage age; while the house prices would have falling fluctuation in around 2014 when the 90s baby bust generation entering into marriage age causing declining housing demands. Thus, Changing population structure needs to be taken into account in formulating policies to regulate the housing market.