February 11, 2021: China looks forward to becoming the largest economy in the world during the next few years, and a military superpower a decade after that. Longer term the outlook is less promising. Time is not on China’s side. There are numerous examples of this. One of the more obvious is the shrinking Chinese work force and population in general. The overall population growth rate peaked in 2016 at 0.59 percent and has been declining ever since. There is a worse problem with the shrinking labor force because of working age population declining. All this began in 2014 and will continue for decades. The biggest problem, though, is the growing shortage of workers. As the population ages, all those one-child families means there will be more elderly than the economy, and the shrinking workforce, can effectively support. Currently there are ten working age Chinese for every retiree. By 2050, there will only be two for each retiree
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