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Increasing Labor Shortages Drive China to Invest in Automation May 27, 2021 As its population ages, China, the world’s second largest economy, is facing growing shortages in the labor market, according to CNBC. In an interview with CNBC, Jonathan Woetzel, senior partner at McKinsey said “it’s still rapidly evolving that aging population is a reality … China’s now facing the challenge of potentially getting old before it gets rich.” Chinese Population Boom Slows According to the National Bureau of Statistics, China’s population of working age people shrank by more than 5 mill...