Achieving balanced development
Passing necessary turning points of economic development such as the Lewis turning point is not bound to conclude in healthy and sustainable economic growth, yet it does mean that the traditional growth is coming to an end. Balanced development is consistent with shared development to narrow the regional gap, improve income distribution and achieve equal access to basic public services. In most developed countries, one of the policy instruments used to explore the labor supply potential is to raise retirement age, i.e., to enhance the elderly people’s Labor Force Participation Rate (LFPR). For instance, in the Organization for Economic Cooperation and Development, which mostly comprises high-income market economy countries, have raised or are planning to raise their legal retirement age. The non-agriculture LFPR of great potential and with Chinese characteristics should be improved by the development of peasant workers’ labor supply.