May 9, 2024 10:39 AM

In rapidly aging China, millions can’t afford to retire

China's latest statistics showed some 94 million working people - around 12.8% of China's 734 million labour force - were older than 60 in 2022, up from 8.8% in 2020. That share, while lower than in wealthier Japan and South Korea, is set to skyrocket as 300 million more Chinese reach their 60s in the coming decade. A third of this cohort are rural migrants, who typically lack the professional skills for an economy aspiring to move up the value chain. The main reason China has not built a str...