International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

Research on Demographic Dividend, Lewis Turning Point, Saving and Economic Growth
Qiong Han, Ph.D.

Population has become the main factor restricting economic development in recent years. As the working-age population of China declined for the first time in 2012 and the aging population continued to increase, the influence of demographic factor on the economy is becoming greater and greater. It is widely believed in academia that the Lewis turning point has come and China's economic development is facing a huge bottleneck. The universal two-child policy has been implemented since January 1, 2016, to increase the population and stimulate economic growth. However, even if the two-child policy is implemented, the downward trend of China's labor force population still cannot be effectively curbed based on the number of 17 million newborns per year. Therefore, population can no longer be an effective driving force for economic development. It is found that the birth rates continue to fall, and an aging population is a global problem through research on population and economic development of developed countries in the world. In such an international background, use for reference of the experience of the early into the ageing country. It is unlikely to rely on increasing labor supply to promote economic development under the situation that labor population declines, with falling birth rates, and growing elderly population, and China needs to seek new economic growth mode. It is found that the increase in labor productivity, the facilitation of the labor migration, the increase of savings and the strengthening of capital deepening have become the new driving force of economic development in the future through the comparative analysis.

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