The Chinese mainland recorded a negative population growth in 2023, with the total number of people dropping to 1.409 billion. Notably, 15.4% of this population is 65 years and older.
In various countries, similar demographic transitions have been linked to slower economic growth. For instance, research indicates that in the United States from 1980 to 2010, an increasing fraction of the population aged over 60 led to a decrease in per capita GDP. This decline was attributed to slower growth in both job creation and labor productivity.
As China prepares for the annual two sessions of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC), questions arise about the future trajectory of its economy. While some Western media have suggested that the Chinese economy is on the brink of collapse, experts like Wang Dan, chief economist at Hang Seng Bank China, offer nuanced perspectives on the situation.
China's economic growth has brought numerous opportunities to the global market, and the nation's ability to navigate its demographic challenges will be pivotal in determining its economic path forward.
Reference(s):
cgtn.com
