Most people talk about China's aging population as one big problem, but here's what really matters: how that demographic shift actually plays out across different regions. The reflexive nature of population flows—people moving from shrinking areas to growing ones—might end up being far more impactful than the headline numbers suggest. Over the medium term, this migration pattern will reshape local economies, asset valuations, and capital allocation significantly. The real story isn't just that the population is aging; it's which regions absorb that pressure and which ones see outflows. That geographical reshuffling could be the decisive factor worth tracking closely.