Posted 2/28/2024, 6:03:41 AM
China Faces Economic Risks as Rapidly Ageing Population Curbs Spending Power
- China's inverted population pyramid is weakening consumption capacity as population ages rapidly
- Central bank adviser Cai Fang says $970 billion "silver economy" is pivotal to overcoming this demographic challenge
- China is "getting old before getting rich," with elderly having less spending power than younger generations
- Cai advocates policies to increase senior incomes, enhance elderly welfare, and boost industries catering to ageing population
- If left unaddressed, conflict between consumer demand and demographics will heighten risks of economic growth shortfalls
