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https://theconversation.com/raising-the-retirement-age-wont-defuse-chinas-demographic-time-bomb-but-mass-immigration-might-236041>
"Chinese workers may soon have to work just a little bit longer.
In late July 2024, China’s ruling Communist Party adopted a resolution that
would see the country’s statutory retirement age gradually rise over the next
five years.
The final retirement age has not been specified, but an earlier official report
suggests it is likely to end up at around 65 years old.
This would put the country more in line with other large economies, including
the U.S. At present, China has one of the lowest retirement ages in the world,
at 60 for men, and 55 for women in white-collar jobs or 50 if they are in
blue-collar jobs.
Party leaders have mulled reforming China’s retirement plan for several years.
But the apparent urgency now reflects growing concern over the impact that a
shrinking – and aging – population will have on the country’s dwindling pension
pot.
Funds set aside to cover retirement costs in China look set to be completely
used up by 2035, the Chinese Academy of Social Sciences projected just a few
years ago.
Raising the retirement age will no doubt stretch funds for a few extra years.
But it will not be a permanent fix – and it does nothing to address the serious
underlying demographic problems that China faces.
I have studied China’s population for over 40 years; I believe the demographic
issue confronting China now represents one of the most serious problems facing
the country in centuries.
With a fertility rate of 1.1 children per woman – way below the 2.1 births per
woman needed to maintain a native population – and more deaths each year than
births, China’s future is one of declining population, with an enormous
increase in the numbers of elderly. Compounding the problem, China has long
been hostile to the idea of supplementing its native population through
immigration; just 0.1% of its population is foreign-born – that’s the smallest
percentage of any major country in the world."
Cheers,
*** Xanni ***
