In China, one would imagine that fewer babies & declining working age population = higher wages and job prospects for the young, but there’s a disconnect b/n supply & demand.
Demand = manufacturing jobs
Supply = University grads not wanting manu jobs.
China has plenty of manufacturing jobs but Chinese youth with college degrees want office jobs.
This came about because China suppressed manufacturing wages (wage growth well below productivity growth) to encourage exports and that has made those jobs unappealing to youth.
This is why a balanced economy i.e, balancing production and consumption locally is vital. China overbuilt its manufacturing to be the “factory for the world” but that came at the expense of suppressed wages for her own workers and monster asset bubbles that are bursting.