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China is scheduled to release its latest census later this month.
Beijing:
The demographics of the world’s most populous country are set to change as China will experience negative growth after 2025, resulting in a decrease in consumer demand, a well-known Chinese economist has warned.
China’s population peaks in just four years’ time and the milestone will be marked by a significant decline in consumer demand, said Cai Feng, a member of the monetary policy committee of the central bank People’s Bank of China.
“When the total population enters negative growth (after 2025), demand will decrease,” Mr Cai was told by the Hong Kong-based South China Morning Post on Sunday.
Covid-19: China s economy picks up, bucking global trend
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China s economy grew at the slowest pace in more than four decades last year, official figures show, but remains on course to be the only major economy to have expanded in 2020.
The economy grew 2.3% last year, despite Covid-19 shutdowns causing output to slump in early 2020.
Strict virus containment measures and emergency relief for businesses helped the economy recover.
Growth in the final three months of the year picked up to 6.5%. The GDP data shows the economy has almost normalised. This momentum will continue, although the current Covid-19 outbreak in a couple of provinces in northern China might temporarily cause fluctuation, said Yue Su, principal economist for the Economist Intelligence Unit.