BEIJING: By the year 2035, Beijing is projected to become highly “super-aged,” with approximately one-third of its residents expected to be aged 60 and older, as reported by the official newspaper, Beijing Daily.
Chinese officials are prioritizing population management as a crucial element of the nation’s economic approach. This year, the government anticipates facing a total cost of around 180 billion yuan (about $26.92 billion) in efforts to encourage higher birth rates, as reported by Reuters.
The Beijing Daily highlighted that at the end of last year, the city had 5.29 million permanent residents aged 60 and above, which accounts for nearly a quarter of its population.
China’s population growth has hit a historic low.
To assist its aging population, the government of Beijing is increasing support for elderly citizens, including raising the basic pension.
Since 2022, China’s population has been declining and aging at a fast pace, making it more challenging for the government’s plans to stimulate domestic spending and manage debt. Millions of individuals are expected to exit the workforce just as pension budgets are already under pressure.
Experts in demographics and economics warn that a decline in the number of children born today may result in fewer households and slower consumer spending in the future.
