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China should boost productivity to keep growth, McKinsey says
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CHINA shall catch as many as opportunities to improve productivity as a countermeasure toward the aging population and loss of working force to maintain its growth, a latest study shows.
Lifting productivity is crucial for China as well as other countries to offset negative effect brought by demographic changes, McKinsey Global Institute said in a research report today.
China's labor force could shrink by one-fifth over the next 50 years and the proportion of working population will drop to 58 percent from 74 percent. China is estimated contribute to as much as 40 percent of global GDP growth by 2025 if the productivity improvement opportunities are well captured and utilized, McKinsey said.
China recorded a 33-fold increase in GDP in the past 50 years, with 23 percent from employment growth and 77 percent from productivity growth, as productivity level increased 13 times, McKinsey's research shows.
China's productivity growth is among the highest level in developing nations in the past 50 years but still lags behind the US, Japan and South Korea.
"Boosting productivity is the only way to drive economic growth after the rapid labor-pool growth has lost engine and a series of business and policy changes are needed to sustain and accelerate productivity," said Jeongmin Seong, a senior fellow at McKinsey Global Institute.
Businesses and government authorities are also advised to adopt best practices and remove barriers as well as further open up and integrate with the global economy to unlock economic growth.
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