China's New Industrial Base Will Require Far Fewer Workers, Oxford Economics Says
Dow Jones
Aug 13
0429 GMT - AI, robotics and biotech will drive China's economy into the future, but these industries will need far fewer workers, says Louise Loo, head of Asia Economics at Oxford Economics. The new sectors need roughly half the labor of the old ones they displace, she says. Chinese labor supply is falling by only 0.5%-0.7% a year in the medium term, but labor demand may be falling even faster. Demography alone won't tighten labor markets enough to rebalance the job market if capital keeps moving to industries that need half the workers, Loo says.
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