Abstract: Can the mere adjustment of birth policy have a material effect on the aggravation of ageing population and the maintenance of economic growth in China? In the face of the short-term pain brought to families by the adjustment of fertility policy, can it be alleviated through the coordinated adjustment of both birth and education policies? To answer the question, this paper uses a three-phase intergenerational transition model to make a theoretical study on how the coordinated adjustment of both policies in response to population ageing affects Chinese household savings, education investment decision-making and economic growth, and carries out a simulation analysis and a policy evaluation according to China's actual data and parameters. The concludions we reach are as follows. (1) Although the impact of population ageing on household saving rate and potential economic growth rate is uncertain in theoretical analysis, the simulation results of real data show that the degree of population ageing in China has brought certain adverse effects on household saving rate and economic growth. (2) To a certain extent, increasing the fertility rate can alleviate the adverse impact of ageing on economic growth, but only relying on the adjustment of fertility policy will lead to the decline of family utility, which can't effectively improve the family fertility rate and maintain economic growth. (3) Appropriately reducing the price of education commodities (providing subsidies for the price of education commodities) and increasing the proportion of public education investment in the national financial expenditure can help alleviate the pain of utility decline caused by the increase in the number of children born in response to the policy, and can strengthen the promoting effect of the adjustment of birth policy on economic growth.

Key words: population ageing, birth policy, education policy, intergenerational transition model