China’s Migrant Boom Peters Out
This is going to slow things even more. The Chinese economy, already plagued by dwindling growth, is seeing its labor force shrink thanks to the end of 30 years of inexpensive rural workers flocking to its cities. Many believe China’s “Lewis Turning Point” — the stage where a country runs out of cheap, seemingly inexhaustible country labor — has arrived. Beijing is being urged to adopt financial reforms to bridge the gap, which economists fear will lead to even slower growth and reduced investment.