With the demographic dividend declining, further reforms are necessary to release vitality to sustain development

Over the past three decades, China's economy saw an average annual growth rate of almost 10 percent. There are many reasons for the rapid growth, but a major one was the country's favorable demographic structure.

The working-age population, those between 15 and 59, was on the rise, while the population dependency ratio, the ratio of the non-working population to the working population, was falling. The abundance of labor offset many negative elements such as the marginal effects of investment and provided ample support for robust economic growth.