China’s labour force is shrinking and the “migrant miracle” that powered its industrial rise is mostly exhausted, removing the key drivers of the country’s meteoric growth, according to leading economists.
The transformation will lead to slower growth, reduced investment and a loss of competitiveness, increasing the urgency of reforms to fuel new sources of expansion, they warn.
Today the Financial Times begins a series on the end of the miracle — the three decades of rapid growth fuelled by unprecedented migration of labour from the unproductive farm sector to work in factories and construction.
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