China population: new book stirs debate about nation’s demographic crisis, and the folly of ‘neglecting’ it
- Timely Chinese translation of ‘The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival’ has drawn interest in Beijing
- Publication in China underscores growing concern about structural issues like the nation’s ageing society, global inflation and foreign relations in post-virus era
China’s biggest economic challenges are a result of population change and authorities must look for long-term solutions to the structural problem, two senior Chinese officials said after making a rare translation of a Western book on demographics and macroeconomic development.
The book, written by Charles Goodhart and Manoj Pradhan, was published in China earlier this month and includes a transcript of a conference discussion between the two officials and two authors in April.
Goodhart and Pradhan argue that low inflation and interest rates around the globe over the past three decades have been a result of an abundant supply of cheap labour, thanks primarily to China’s entry into the world trading system. But the authors say a demographic reversal is looming, coinciding with the coronavirus pandemic and deglobalisation, which will raise inflation and interest rates.
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