China’s population is aging: There are now 5 workers per retiree in China, the lowest amount on record. By comparison, at the beginning of the century, the number of workers per retiree was twice as high. This ratio has declined since the 1970s and is expected to fall to ~3 over the next decade. An aging population has been a primary driver behind deflation in China. Their overall population has declined for 3 straight years after ~60 years of growth. China’s long-term economic growth is at risk.