For most of human history, integrating a new generation into society has been pretty straightforward: The youngsters were shown what needed to be done, they did it as well as they could (or faced serious consequences if they didn’t), and, over time, earned a place for themselves in society. But things are different now. Executives all over the world have reported that they have difficulty not only managing this new generation but even understanding them. These young employees, their managers say, are responding differently from prior generations to everything, from assignments to incentives. Can managers cope with a new generation?
Unlike its developed counterparts, China is aging before it gets prosperous. Its population structure is like Japan’s of the 1980s, while its per-capita GDP level has only reached that of Japan in the early 1970s. By far the biggest issue is China’s low birth rate, which declined sharply in the 1980s as a result of the one-child policy. In reaction to the problem, China started to relax its family planning policy since 2013, allowing a family to have two, but so far the results have been lukewarm. Is it too late to climb out of the demographic trap?
After 37 long years, China finally abandoned the one-child policy and caught many observers off-guard. The two-child policy, passed by the Chinese legislature in December last year, is according to Chinese authorities, “intended to balance population development and address the challenge of an ageing population”. Their projection that the abolition of the policy would yield a 0.5 percentage point boost in economic growth over the long term, without specifying a time frame, suggests that there were economic motivations behind the end of the one-child policy. But whether it will really deliver a boost in growth for the economy is an open question.
China’s millennials are an increasingly complex demographic, who as well as enjoying the fruits of China’s reform and opening up are also beset by all manner of societal and economic pressures, making them arguably much more different from their parents than their Western counterparts are from theirs. From an ever tougher job market to unobtainable home prices, millennials have to navigate a world with less security than was enjoyed by previous generations, all amidst slowing economic growth, to boot. And the many companies looking to sell to this increasingly important generation of consumers will have to grapple with all these issues, too.
The growing legions of migrant workers in China have had far reaching implications on the process of urbanization in China. For the last two decades, China’s cities have exploded in size, the result of the largest and fastest migration in human history as hundreds of millions of people have moved from rural to urban areas […]
A megalopolis six times the size of New York, JingJinJi will ease the pressures being faced by China’s capital Beijing.
Changing the Chinese social structure may save the country from the proverbial ‘middle-income trap’, says Salvatore Babones, an expert on China’s political economy.
Author and researcher Leta Hong Fincher on the confounding phenomenon of women forfeiting their property wealth in China.
Online and mobile dating should be a natural fit for the country, so why are are dating sites in China not making more money? Swirling pools of onlookers and parents pore over a bulletin board in Shanghai’s bustling marriage market, nestled in People’s Park in the city’s center, occupying what was formerly a colonial racetrack. Filled with […]
The aging population in China needs a housing solution. So what’s stopping the industry from booming? Since the beginning of 2014, Jim Biggs has been living in a brand-new residential facility for senior citizens with dementia. He’s just 54 years old, and has no problem with his memory. Biggs, the managing director of Honghui Senior […]