Will China grow old before it becomes rich? That did not seem to be on the cards some years back, when it was becoming wealthier by the day. But the world’s second-largest economy is now mired in a slump, and this question is becoming more urgent.
The slowdown is clear though not unexpected as the economy matures. China’s gross domestic product (GDP) galloped along at an average annual growth rate of 10 per cent between 1979 and 2008. This then moderated to around 7 per cent for a few years and is targeted to hit just 5 per cent in 2023.
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