No one should be surprised that China is raising its retirement ages. Currently, they are among the lowest in the world, with men retiring at 60 and women at 50. With life expectancies increasing, this change is necessary for sustainability.
The government has been forcing young couples to have more children, yet they remain hesitant. In 2023, the population fell by 2.75 million, highlighting the urgency of easing demographic pressures.
By 2035, the number of over-65s in China is predicted to double to 30% from 14.2% in 2021, presenting a significant challenge to the country's pension system.
Eswar Prasad of Cornell University suggests the economic outlook for China could be dire, indicating deepening concerns about the sustainability of its aging population amidst economic pressures.
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