The newly released results of China’s seventh population census show that China’s 2020 population stood at 1.4118 billion in which there are 264 million people aged 60 and over or 191 million aged 65 and over, comprising 18.7 percent and 13.5 percent of the total population, respectively.
According to the 2020 census figure, there are approximately 264 million people in China in the age group of 60 and over, amounting to some 18.70 percent of the population, up from 13.3 in the 2010 census.
China ranks number 1 in the list of countries (and dependencies) by population. The population density in China is 153 per Km2 (397 people per mi2). The median age in China is 38.4 years.
China’s population is aging faster than almost all other countries in modern history. In 2050, the proportion of Chinese over retirement age will become 39 percent of the total population. China is rapidly aging at an earlier stage of its development than other countries.
Overpopulation in China began after World War II in 1949, when Chinese families were encouraged to have as many children as possible in hopes of bringing more money to the country, building a better army, and producing more food.
Its rapidly aging population means a shrinking labor force. State pension funds are at risk of running out. And China has some of the lowest retirement ages in the world: 50 for blue-collar female workers, 55 for white-collar female workers, and 60 for most men.
The truth is that China’s population in 2020 probably amounted to about 1.28 billion – some 130 million fewer people than reported. That makes India, not China, the world’s most populous country.
China – Population ages 65 years and above as a share of total population. In 2020, population aged 65 years and above for China was 12 %. Population aged 65 years and above of China increased from 3.8 % in 1971 to 12 % in 2020 growing at an average annual rate of 2.37%.
China’s state pension system, which consists of various provincial pension plans and the National Council for the Social Security Fund, accounts for around two-thirds of China’s total pension assets.
The Chinese Government elderly care policy is governed by a 90/7/3 formula, meaning it aims for 90 per cent of seniors to remain at home, 7 per cent to stay at intermediate facilities and 3 per cent at nursing homes.
The new law took effect on 1 January 2016 after it was passed in the Standing Committee of the National People’s Congress on 27 December 2015. As recently as 31 May 2021, China’s government has relaxed restrictions even more allowing women up to three children.