China is becoming an ageing society. But, unlike other ageing societies such as Japan and Germany, it is getting old when its income is still relatively low. In terms of the share of old people in the population, China today looks like Japan at the end of 1980s, but in terms of per-capita gross domestic product, it has just reached the level of Japan in the early 1970s. Japan started more than 20 years of stagnation in the early 1990s, and many people fear that China will follow its footsteps in the next 10 to 20 years.
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