Over the last four decades, China’s young and growing population has turned from a curse to fortune for its historical economic boom. As China’s economic boom enters a new era with a low growth rate and persistent inequality, a demographic concern of different kind has superseded the old one. This new concern centers on the implications of accelerating population aging and pending population decline. Using an economic life cycle perspective and applying the methodology of National Transfer Accounts (NTA), this talk reviews changes in age profiles of income and consumption over time, examines changes in life cycle surplus and its distribution, and discusses the combined effects of economic change and population aging on intergenerational transfers and the fiscal challenges faced by the Chinese state in the decades to come.