Driven by decreasing fertility along with improving life expectancy，the world is entering an irreversible aging society．As a developing country with the largest population，China will be experiencing a sustained and rapid aging in the next 40 years．It is widely held that aging would inhibit the economic growth of China，leading even to recession．While the United States is also facing the aging problem，a research report prepared by the US National Academy of Sciences has reached different conclusions about the impact of aging on macro-economy．Population aging would have a significant impact on government expenditure; how- ever its impact would be very small on labor productivity，innovation and asset prices．Accumulation of private assets due to aging may even have a positive effect on the economy．Overall，the impact of aging on living standards is limited，and the overall macroeconomic impact is moderate．These views and conclusions about the relationship between aging and macro-economy have important enlightenments and implications for the related ageing studies in China．