Fri. Jun 2nd, 2023

May 16, 2023, 01:16AM ISTSource: ANI

India recently overtook China as the most populous country in the world, according to latest data from United Nations. ‘Rattled’ by the United Nation’s data, Beijing was quick to fire “quality over quantity” salvo against India. Chinese Foreign Ministry Spokesperson officially made the ‘derogatory’ remark over India’s population. A new report from EPardafas points out the much talked impact the dwindling population will have on China and its economy. Over the decades, China reaped from its demographic dividend combined with its major economic reforms under ‘Boluan Fanzheng’ period. During this, China scripted its story of spectacular economic growth by arranging the supply of cheap labour from its abundant population. This helped the country to shape its image as an attractive destination for global investors to set up manufacturing bases. However, as per the report from EPardafas, China is losing its grip as its population, cheap labour market dry up. China’s population declining further highlights the difficulty country could be facing as wage rates in country started increasing, as per EPardafas. Declining population growth rate also means a shrinking domestic market as fewer people buy products. Further denting China’s hopes, Xi Jinping’s stringent policies act as the final nail in the coffin as they impact country’s economy, reported EPardafas.

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Tanushree K

By Tanushree


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