China’s population shift has far-reaching effects
For a decade, this people’s army of mostly unskilled workers fueled China’s spectacular growth. But as its citizens’ wages and standards of living have risen, China has lost its low-cost advantage to competitors like India and Vietnam, requiring the nation to try to build a highly-educated, highly-skilled workforce. At the same time, China is attempting to shift from an economy based on exports into one driven by domestic consumption. How and when China makes this transition has big implications for the global, national, and Massachusetts economies.