November 26, 2017

The enduring relationship between China and Singapore presents an opportunity for both countries to tackle together key problems of the future, including an ageing workforce and technological disruption.

In an address to 200 Chinese students at Tsinghua University yesterday, Finance Minister Heng Swee Keat described the fast greying populations, especially in Asia, as a critical issue, saying this would mean higher healthcare expenditures.

Slowing labour force growth would also mean a smaller pool of taxpayers supporting more elderly people, which in turn would affect the fiscal health of countries and impact growth. Technology, while presenting new opportunities, would also lead to some skills becoming redundant and jobs lost. Productivity was still growing, but at a slower rate.

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http://www.straitstimes.com/asia/east-asia/spore-china-ties-in-good-stead-to-meet-challenges