China’s Shrinking Workforce Affects Economic Transition, Expert Says
The size of China’s labor force, including people between the ages of 16 and 59, has declined for three years since 2012. The total is 906 million workers, down from just over 910 million. The government anticipates the workforce shrinking to 700 million by 2050. The decline is especially sharp for semi-skilled blue-collar workers as more youth pursue college studies and prefer work in the service sector. A Chinese expert on labor economics reports that almost half of new entrants in China’s job market hold a college degree. Another challenge is low fertility rates. China only recently loosened restrictions on its strict one-child policy, but families have learned that limiting the number of children increases personal wealth. In a report for Caixin, Coco Feng interviews the head of the China Institute for Employment Research at Renmin University, who notes that such labor shortages could delay China’s transition from manufacturing economy to a service- and consumption-driven one. – YaleGlobal
China's Shrinking Workforce Affects Economic Transition, Expert Says
Dwindling pool of blue-collar workers is hurting manufacturing, but more college graduates lack skills to support move to service economy
Wednesday, November 23, 2016
All copyrights for material posted and published on Caixin.com are the property of Caixin Media Company Ltd. or its licensors.