> With an aging population and the need to maintain welfare states, governments will have to allocate more and more of future budgets to expanding and sustaining welfare programs (statutory health insurance, pensions, unemployment benefits, etc.). That ultimately means higher taxes, a larger government workforce, and a shrinking private sector.
And China excluding the welfare part - China has an extremely weak welfare system for a state at it's economic level and the Xi admin remains deeply opposed to what it derogatorily terms as "Welfarism" [0].
All of this is also true in the US.