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It's not that big of a problem as you think, because Chinese are very family oriented. The parents will live with their children as they age and die. It's not like over here where families are broken apart and people die alone in hospitals and nursing homes.
Again think about the demographics, 1 child per couple (2 people, so at best there will be 4 parents (his and her's) add to this the demographic imbalances (120 males to 100 females, from 3-10% gay (depending on whose figures you believe) and children who do not reach adulthood, cultural attitudes (first born SON takes parents legacy, not the wife's parents, I don't know how many of the aging population will have anyone to take care of them. This will be an enormous issue going forward.
This same issue will be happening throughout most of the industrial world, even in America (though to a lesser extent due to immigration into this country (both legal and illegal) of a population that still maintains a high birth rate (the hispanic population).
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
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WHEW! That's a relief. Where would we get our cheap shoes and clothes and toys?
It's part of a global cycle. Industry started in Europe, then it went to North America. Next it went to Asia. If you look at photos from 100-140 years ago, the Japanese were already copying the West, even wearing Western clothing. It then began circling around from Japan to the Tigers, and finally landed in the big fish: China.
Where ever there is underdevelopment there are people available for work, by definition. So, even as China gets itself up and running, the ready hands in Africa and South America and everywhere else under-development exists, will be given the opportunity to develop.
Clearly, China has a huge situation to deal with just within its own borders, with one-sixth of the world's population, so while it develops to raise up its own people, the other under developed regions will get into it, as well; no need to wait til China is "developed".
It always starts with manufacturing, as it is the foundation for the whole economic infrastructure.
If you read the article, it states that the current situation is destroying the importance of family structure in that country, as children have no extended family to speak of.
Yes, that is a serious issue. With modern technology and rising standards of living also goes the way of getting into this development, which often means relocating one's self and family to unfamiliar places where they have no roots.
Fortunately, as another poster said, the Chinese do have a long and deeply ingrained sense of family, even extending out to the "king" and "teacher" on the national level, from traditional Confucianism.