There has been much talk over recent years about generational challenges to the Chinese economy, and whether China might get old before it gets rich. The main focus has been on the consequences of China’s demographic transformation with the 2020s already witnessing (albeit moderate) population decline. The UN calculates that by as soon as 2050, the overall population is likely to drop from a just over 1.4 billion (in 2022) to just over 1.3 billion. Over the longer term, the decline is expected to be even more dramatic: