According to the data announced by the National Bureau of Statistics of China, the number of newborn babies in China fell below 10 million last year, and was recorded as 9 million 560 thousand. The Chinese population has declined for the first time in 61 years.
On the other hand, according to the projections of the China Population and Development Research Center, the number of citizens over the age of 80 in the country will quadruple by 2050 than the current population over the age of 80. This means that China will now enter the age of old society.
Experts are of the opinion that how to better address the problem of population aging has become a critical element that will affect the country's long-term economic growth. It is thought that the old age economy will strengthen growth.
Labor supply still exceeds demand
In the statement of the National Bureau of Statistics of China, “Labor supply in China is still above demand in general terms. In addition, the quality of the workforce is constantly increasing. The average education period per person is close to 11 years.
According to estimates, the population of China is expected to remain above 2035 billion 1 million in 400 and below 2050 billion 1 million after 300. In addition to China, the population of many countries such as Japan and the USA is also declining. According to the data, as of last year, Japan's population fell for 13 consecutive years, and the US population for six consecutive years.
Experts point out that the period of population explosion in the world is over. Due to economic development and the increase in women's participation in social life, the world is entering the era of societies with low birth rates. That's why experts point out that it is necessary to explore new ways to revive the economy.
Some economists believe that the increase in automation could offset rising labor costs with a decrease in the number of people who will join the workforce.
The old age economy is growing
China is taking steps to rapidly improve its aged care system in the face of the problem of population aging. The maturation of the aged care system will not only provide security for the life of the elderly population, but will also add new impetus to economic growth.
He Weiwen, a senior researcher at the Center for China and Globalization (CCG), made the following assessment on the subject:
“The old age economy creates a huge market, a huge industry; Too many jobs give birth to many types of services. It also increases the demands for the development of technology in sectors such as pharmaceuticals and medical devices. As humanity moves rapidly towards the information society, the human brain may play a greater role in productivity than manual labor. Therefore, the elderly population can still continue to contribute to society.”