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New policies are needed to address the demographic imbalance that has emerged in China, said Cai Fang, deputy director of the Chinese Academy of Social Sciences, Sina Finance reported.
In addition to relaxing the one-child policy or two-children policy, the government should encourage young people to reproduce by supporting preschool education and affordable childcare, said Cai.
Pointing out that the elderly segment of China’s population exceeds the world average, Cai said China must implement both supply-side and demand-side measures.
On the supply side, the government should consider raising the retirement age.
“We must strengthen the training of the elderly, otherwise they will not be able to adapt to future employment,” Cai said.
On the demand side, the government should strengthen social security for the elderly population, so that they don’t have to worry about spending money to contribute to the expansion of consumption.
“The aging trend of the demographic structure can’t be alleviated,” Cai said. “The key to dealing with it is improving labor productivity.”