New Delhi, Oct. 7 -- The rise of China has reshaped the global balance of power over the past few decades, compelling major geopolitical readjustments. Since the economic reforms of 1978, China's GDP grew on average by 9 percent per annum, lifting more than 800 million citizens out of poverty.

Now, however, China's rapid ascent is slowing. Its GDP growth hovers around 5 percent, and global power equations are again being recalibrated. Predictions that China would overtake the United States as the world's largest economy have failed to materialize.

China's workforce has already peaked, according to official data. The labour supply is projected to fall by about 7 percent between 2025 and 2050. Even before the pandemic, signs of economic w...