Abstract: A threeperiod dynamic endogenous growth model combining the social security programs of China was set up in the framework of general equilibrium, which simulated the economic growth paths of China from 2000 to 2060 with some given parameters. It was found that the aging population has different influences on capital accumulation and educational expenditures. The educational expenditures in the fully funded social security are more than those in the payasyougo, while the physical capitals in the fully funded are less than those in the payasyougo. The economic growth rates in the fully funded are firstly higher than the payasyougo, while lower later.