In all, these better-educated and more productive workers will be more than enough to offset the negative impact of an ageing population and shrinking labour force.

China is no longer just the world's biggest factory - it is the biggest factor in many parts of the global economy. "Made in China" is now being matched by "Bought by China" as the country's tourists, consumers and companies purchase more products, services, commodities and properties in other parts of the world.