Like Japan and South Korea, China has a shrinking population but it has fewer ways to manage the change
its first population decline in 60 years. Worryingly for the Chinese authorities, their population slide has begun at a lower level of average wealth than in their East Asian neighbours.
In an effort to ease the pressure on Chinese youngsters and to reduce the cost of raising children, President Xi Jinping severely restricted the private tutoring industry in 2021. But this had the perverse effect of damaging one of the largest sources of employment for young graduates. Student demonstrations rocked China in 1919 and 1989, when they were brutally suppressed. Students were at the heart of the Hong Kong protests of 2019-20, which were also crushed. It was street demonstrations by the young that persuaded Beijing to abandon its “zero-Covid” policies last year.
In 2017, South Korea’s President Park Geun-hye was impeached and removed from office. She was later given a long prison sentence for corruption. In the 20 years after the bursting of its financial bubble in 1989, Japan cycled through 14 prime ministers.
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