Abstract
Increased life expectancy and rapid fertility decline since the 1970s have combined to create a very rapid rate of population ageing in China. These demographic developments are expected to result in an ageing workforce and a significant slow-down in the growth of the working-age population. According to the United Nations medium variant population projection, the size of the working age population will increase only slightly over the next 10 years before beginning to shrink soon after 2020. Furthermore, since the participation rate of the elderly population is much lower than that of the prime-age labour force, ageing of the workforce will reduce the aggregate labour force participation rate (ALFPR).
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