Population ageing and the impacts of the universal two-child policy on China’s socio-economy

The two-child policy was officially proclaimed in the Guideline of the 13th Five-Year Plan and approved in March 2016.This article provides a detailed analysis of the Chinese demographic structure characterised by ageing with sub-replacement fertility.It argues that the universal two-child policy is timely and necessary for the New Normal economy.The policy has significance in relieving socio-economic pressure and promoting economic growth,for which it is not only a necessary premise but also a sufficient condition.Having reviewed the evolution of the demographic transition theory,this research undertakes a comparative analysis of different stages of demographic transition in different regions across the world.It further investigates the three stages of successful demographic transition in China.The universally adopted two-child policy,as it meets the requirements of demographic transition,is also inevitable for socio-economic development.