China must “fully liberalize” its birth-control policy to increase its labor force in the upcoming decades and compete with such countries as the US economically, a paper published by the People’s Bank of China says.
Beijing should pay close attention to the fact that the country’s birth rate is declining, while its population is aging fast, the researchers argued. The research, which was published this week by China’s central bank as part of its working paper series, suggests that the country’s main economic rival, the US, is undergoing “favorable changes” in working population rates, largely through mass immigration.
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