A new first: China’s employment population has shrunk
For the first time in history, the number of people employed in China has fallen. At the end of 2018, the number of people employed in the country was 776 million, a drop of 540,000 from 2017.
China’s National Bureau of Statistics (NBS) has announced that the working-age population, or people between the ages of 16 and 59, also shrank by 2.8% between 2011 to 2018. According to a CaixinGlobal report, this is a clear sign that China’s population is aging rapidly.
In 2018, the working-age population of China stood at 897 million, down from 902 million in 2017. NBS has warned that the employed population may drop further in the coming years.
China’s shrinking labour force may eventually push up labor costs and places more strains on the country’s economy.
Further reading on caixinglobal.com