While　most　studies　have　shown　that　an　aging　population　has　a　negative　impact　on　economic　growth,　the　potentially　positive　factor　of　a　young　elderly　population　may　be　neglected.　The　purpose　of　this　study　is　to　investigate　the　following　two　hypotheses:　the　young　elderly　population　(aged　from　60　to　69)　with　a　strong　academic　background　has　a　positive　impact　on　the　economy　in　China,　and　the　elderly　population　has　a　negative　impact　on　the　economy　in　China.　Official　provincial-level　panel　data　from　1996　to　2016　for　29　provinces　are　utilized　in　fixed-effects　models　with　and　without　controlling　for　heteroskedasticity　and　cross-sectional　dependence,　as　well　as　in　DIFF-GMM　and　SYS-GMM　models　in　the　dynamic　panel　regression　estimation.　The　primary　finding　of　this　study　is　that　young　elderly　people　with　a　strong　educational　background　can　positively　affect　China＇s　economic　growth　and　can　partly　alleviate　the　negative　effect　of　the　overall　elderly　population.　This　conclusion　is　quite　robust　regardless　of　which　econometric　method　is　adopted.　©　2018　World　Scientific　Publishing　Company.