China Introduces Three-Child Policy... Aging Population Hinders 14th Five-Year Economic Plan

Tsinghua University Predicts 300 Million Increase in China's Population Aged 65+ Within 5 Years
Aging Implies Decline in Workforce...Urgent Need for Policies Ensuring Housing, Childcare, and Female Employment

[Asia Economy Beijing=Special Correspondent Jo Young-shin] There has been a call for the Chinese government to establish a 'three-child' policy to address the low birthrate issue.

China's state-run Global Times reported on the 26th that during the 14th Five-Year Economic Development Plan period (2021?2025), the population aged 65 and over is expected to increase by 300 million.

The Global Times, citing data from China's Ministry of Civil Affairs, emphasized that as of the end of 2019, 12.57% of China's population was aged 65 or older.

According to China's National Bureau of Statistics, the dependency ratio of the elderly population has risen to 17.8% over the past 30 years. This means that one elderly person is supported by every six people.

The newspaper cited recent research from the Hengda Institute at Tsinghua University, projecting that China's population will sharply decline around 2050 and could fall below 800 million by 2100. In this case, the Global Times expressed concern that China's share of the world population would drop from the current 19% to 7%.

The Global Times reported that to address the aging population problem, there is a need to establish a three-child policy and prepare a corresponding childbirth support system.

Ren Zheping, director of the Hengda Institute at Tsinghua University, said, "By around 2040, more than 400 million people in China will be elderly," adding, "The government should promptly establish and promote a three-child policy." Ren also emphasized the need to create a social system that guarantees women's employment to increase the availability of childcare.

Some Chinese experts argue that housing issues are hindering the birthrate. With rapid increases in housing prices due to economic growth, young people are reluctant to have children.

Other experts claim that the government should provide all necessary funding for childcare along with various financial supports such as tax reductions.

The Global Times added, "Aging means a decrease in labor supply," and "this will bring changes to consumption patterns and hinder the potential growth of the economy."

This content was produced with the assistance of AI translation services.