China’s ageing population: how the gravity of greying will affect nation’s plans to boost economy
- Heavily debated among policymakers and academics for years, China’s greying trend looks to complicate the push by leadership for common prosperity
- China’s once-a-decade census will provide a clearer picture of the demographic structure and welfare of senior citizens when results are released next year
China’s elderly population is on pace to surpass the total population of the United States in 15 years as Chinese baby boomers are set to retire, threatening President Xi Jinping’s pursuit of common prosperity and his goal to catch up with other nations in terms of economic well-being.
And the greying trend will continue, with the number expected to jump to 400 million by 2033 and peak at 487 million by 2053. Considering mainstream estimates that the national population will peak around 2030, this is likely to result in one out of every three or four Chinese being senior citizens in the middle of the century.
“The tide of greying brings huge challenges and impacts to our economic and social development,” Li wrote in an article included in a recently published book that comprehensively outlines the nation’s five-year plan for 2021-25 and its 2035 development blueprint. “Forward-looking thinking and strategic planning are needed to push forward policy arrangements for issues such as childbirth, childcare, education, retirement, pension, income distribution and services.”
Li’s warning came as the country is conducting its seventh once-a-decade population census, which will provide a clearer picture of the demographic structure and welfare of senior citizens when the results are released early next year.