China Chartbook: Ageing and rejuvenation
- China’s demographic dynamic has tilted sharply toward stagnation in recent decades
- One-child policy, as well as unaffordable education, childcare, and home prices were major causes
- China’s elderly dependency ratio reached 17.8% in 2019 but per capita GDP was relatively low
- Recent implementation of a three-child policy and regulatory crackdown are justifiable steps
- Automation and robot adoption will gather pace to enhance productivity
• Low fertility alongside a shrinking working-age population weighs heavily on productivity growth, socioeconomic development, and fiscal sustainability.
• China’s elderly dependency ratio reached 17.8% in 2019 but per capita GDP was relatively low (USD10,182) as evidenced by international experience.
• Recent implementation of a three-child policy and regulatory crackdown are justifiable steps to rectify the order of income distribution and incentivize childbirth.
• Lifting statutory retirement age and improving population health are viable solutions. Automation and robot adoption will gather pace to enhance productivity.
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