Seventy-nine-year-old Wang Baorong, dressed in military style clothes, performs square dancing at a park square in Beijing, China, April 9, 2015.
Kim Kyung-Hoon / Reuters

At a conference on the Chinese economy in 2012, Cai Fang, a demographer at the Chinese Academy of Social Sciences, issued a dire warning: “There’s now no doubt China will be old before it is rich.” He was expressing a view widely held by economists and China watchers. Over the past 65 years, life expectancy in China has more than doubled, from 35 years to roughly 75, as the fertility rate has plunged. Many fear that if these trends continue, China’s population will age faster than the country can accommodate. In 2014, the share of China’s population older than 60 reached roughly 15 percent;

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