Furthermore, an ageing population needs stronger government support and a more robust pension system. This means fewer financial resources for the government to spend on areas such as infrastructure investment andChina’s shrinking and greying population serves as a reminder that the country’s approach to development needs a significant renewal. This expected new reality could help reenergise and deepen policy changes for the country’s economy.
In addition, China can also strengthen its pension system and reduce income inequality through reforms. These not only prepare the society for its demographic shift, but also promotes the transition toward consumption-centred sustainable development. Lastly, changes in China’s population, both in size and in structure, reaffirms the government’s commitment to promote quality, innovation-driven growth. Moving the economy up the global value chain would lessen demand for low-cost labour.These will have significant but varied implications for Southeast Asia. Overall, China’s move toward domestic consumption and innovation-driven growth presents opportunities for its neighbours.
File photo of workers lining up to get tested for COVID-19 at the Foxconn factory in Wuhan, China, in August 2021. During the last two decades, multinational corporations have been building and rearranging their supply chains in the region to remain competitive. In recent years, the “
Most of China's new factories are manned by robots. They are no longer labor intensive.
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