Wednesday, November 23, 2016
Aging population with few children a hindrance of China's growth
ANBOUND
In recent years, negative effects of the changes in China's population structure have started to surface. According to the latest estimation of the country's Ministry of Human Resources and Social Security, China's labor force will experience the process of substantial decline after 2030, and the Ministry predicted that by 2050, the working-age population will be 700 million, a decline from 830 million in 2030. Anbound research team believes that the aging population with too few children will bring obvious pressures to China, and these include the reduction of labor force, social security pressure, sharp increase in social costs and a series of various problems. The countermeasures are to improve the production efficiency of the whole society by upgrading the technical level and to push for market-oriented reform, increase training and human capital investment, provide more middle-level and high-level skilled talents for the labor market, promote labor substitution and transfer to the tertiary industry.