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Demand for Human Capital and Education Reforms

In: Exploration on China’s Economic System Reform under New Normal of Development

Author

Listed:
  • Cai Fang

    (Chinese Academy of Social Sciences)

Abstract

To adapt to and proactively lead the “new normal” of economic development, i.e. to correctly respond to the economic slowdown, accelerate the industrial restructuring and development mode transformation, and promote the shift to innovation-driven economic growth engine, it is necessary to accelerate the accumulation of human capital, thus realizing the advanced development of education. First, this chapter outlines the new characteristics of China’s demographic transition, the new situation of labor supply and the new trend of labor productivity, and reveals the urgent need for human capital to maintain long-term sustainable economic growth. Second, this chapter describes the emerging race between human capital accumulation and robotics, points out that we can only win this race with improved quality of workforce, and further summarizes the characteristics of the human capital requirements for “mass entrepreneurship and innovation initiative” and the characteristics of the returns on all levels and types of education. At the end of this chapter, the author provides policy advice on education development and reforms in terms of resource allocation and individual, social, and governmental responsibilities in relation to China’s current development stage and its challenges.

Suggested Citation

  • Cai Fang, 2026. "Demand for Human Capital and Education Reforms," Springer Books, in: Xiaojing Zhang (ed.), Exploration on China’s Economic System Reform under New Normal of Development, chapter 0, pages 109-127, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-2461-7_6
    DOI: 10.1007/978-981-95-2461-7_6
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