The Ripple Effects of China's Demographics

China's fertility replacement rate is pretty much at Western levels. China used to have anywhere between 10 to 15 workers to support every retiree in its population. That's going to collapse to two to one just over the next 15 years or so. So it's this amazing contraction where China's going to lose basically an entire France of workers while gaining an entire Japan of elderly senior citizens. And that's going to cause obviously fiscal problems because now you have to pay for all that.