With millennials putting off children due to cost of living pressures, China’s economy could be derailed by its growing number of grey hairs
on family-sizes altogether, one of a raft of measures to encourage women to have more babies. Other policies include up to 30 days of paid holiday for newlyweds, discounts on IVF and cash subsidies for second and third babies.
As long as young people like Cici feel like the sums don’t add up on having children, China’s workforce will continue to shrink. Between 2019 and 2022, the number of people of working age declined by more than 40 million, making supporting the growing ranks of elderly people increasingly difficult.Photograph: Johannes Eisele/AFP/Getty Images
The pensions deficit may be a temporary problem, says Zoe Zongyuan Liu, a fellow at thinktanks the Council on Foreign Relations, but “with the shrinking population it becomes very difficult to increase the pension base, therefore you have to increase your investment. The Chinese government has been developing different programmes to allow pensions to invest in different varieties of assets to increase investment returns … but it really depends on how the economy goes”.
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