As is well known, unprecedented economic growth in China spanning the last 3 decades
has lifted hundreds of millions out of poverty and restored China to the prominence in the
world economy that it once enjoyed centuries ago. Demographic change not only shapes
the trajectory of that development, but interacts with macroeconomic and microeconomic
forces in ways that I will briefly attempt to illustrate, in comparison with India (the other
“demographic billionaire”) and other emerging markets, as well as compared to the US
and other high-income economies.