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China Should Lift Birth Restrictions, Promote Savings, PBOC Says

  • Central bank researchers see workforce shrinking 15% by 2050
  • Population is aging faster than in developed countries
Daily Life In Shanghai Ahead of China Census
Photographer: Qilai Shen/Bloomberg

China should lift all birth restrictions to encourage families to have more babies as the population is aging faster than in developed countries, central bank researchers said.

More emphasis should be put on investment and savings, and the rapid decline in the savings rate must be halted in order to deal with the heavy burden of supporting an elderly population, according to a working paper published by the People’s Bank of China late Wednesday.