China may face steeper labour shortages as the working-age population declines, state media reported. The number of Chinese above 65 years of age has already hit the 100 million mark. To sustain the current levels of economic development the country will have to move away from labor-intensive growth and find a way to deal with the ageing population, said Cai Fang, a director at the Chinese Academy of Social Sciences. Between 2005 and 2030, China's working-age population is set to grow at an average of 0.4%, far lower than the worldwide average of 1.2%, according to the United Nations. At the same time, the number of people aged between 50 and 64 will increase by 67%. With 7.69% of its 1.306 billion people above 65, China could be considered an ageing society.
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