“Some said China’s economy is following in the footsteps of Japan, I don’t quite agree with that” said Prof.LIN Yifu (Dean of the Institute of New Structural Economics, Peking University) when answering questions raised by China News Service reporters during the 2024 Two Sessions.
Prof. Lin pointed out that while Japan faced prolonged slow down in economic growth due to a declining working-age population in the 1990s, China’s situation differs. China confronts aging population challenges but has ample opportunities for technological innovation and industrial transformation, with a growing number of well-educated youths are entering the labor market.
Prof. Lin stressed that although the labor force is key to economic growth, workforce effectiveness and quality are paramount. He reckons that China would continue to promote technological innovation and industrial upgrading to boost its productivity. Also, with the continual development of new quality productive forces, China’s economy would maintain a relatively high growth rate, reducing the likelihood of arecurrence of Japan’s situation.
To read more in Chinese, please visit: http://www.ce.cn/xwzx/gnsz/gdxw/202403/05/t20240305_38922424.shtml
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