China bets on productivity over population to drive its economy
China bets on productivity over population to drive its economy
- May 11, 2021
- Wang Feng, sociology, Bloomberg, May 11, 2021
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Wang Feng, [sociology professor], an expert on Chinese demographics at the University of California Irvine, estimates that if China increases pension, health care and education provision to levels similar to those seen in developed countries a decade ago, spending on those programs will increase to 20% of GDP by 2030. That is more than the 17% of GDP the government currently takes in through taxes, meaning such spending would consume all of the state’s fiscal revenues.
For the full story, please visit https://www.bloomberg.com/news/articles/2021-05-11/china-bets-on-productivity-over-population-to-drive-its-economy?srnd=politics-vp.
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