摘要
THE announcement of the relaxation of China’s one child policy created great discussion in China and internationally.But its significance was widely misunderstood.Contrary to myth,the increase in China’s labor supply plays little role in China’s rapid economic growth.In reality,96 percent of China’s economic growth comes from factors other than a rising labor supply.Therefore,there is no reason why China’s economy should slow significantly because China’s working age population stopped growing in 2012.The mistaken view,sometimes expressed,that China will grow old before it becomes rich is therefore the reverse of the reality:China will grow rich before it grows old.To demonstrate clearly why,first the facts will be stated and then their implications analysed.
THE announcement of the relaxation of China＇s one child policy created great discussion in China and internationally. But its significance was widely misunderstood. Contrary to myth,the increase in China＇s labor supply plays little role in China＇s rapid economic growth. In reality, 96 percent of China＇s economic growth comes from factors other than a rising labor supply. Therefore, there is no rea- son why China＇s economy should slow significantly because China＇s working age population stopped growing in 2o12. The mistaken view, sometimes ex- pressed, that China will grow old before it becomes rich is therefore the reverse of the reality： China will grow rich before it grows old. To demonstrate clearly why, first the facts will be stated and then their implications analysed.
