Among the myriad obstacles to China’s continued economic recovery, an aging population is definitely one of the most daunting challenges. China’s seventh population census reveals there are some 191 million people aged 65 and above, approximately 13.5 percent of the country’s population.
The aging society, in addition to a falling birthrate, will probably cause a strain on China’s economic growth going forward.China needs to invest more in human capital to improve the overall skills of members within the entire cohort, providing equal access to education in metropolises and rural regions is crucial.
Another disadvantage is shorter term – the recovery from the pandemic is rapid, yet not green enough.
There is also a great need to shift more toward a digital technology-driven economy. That’s part of a goal China has been working toward, with its carbon neutrality blueprint and a spectrum of climate policies in place.