Abundant and Quality Labor Force
As of the end of 2018, China's total population came to 1.39 billion and the working-age population reached nearly 9 million, accounting for 64 percent of the total population. Although the labor force proportion has slightly declined, the overall labor force population has been on the rise in recent years. The demographic dividend is still evident and labor costs are relatively low.
From 2010 to 2017, the number of college graduates nationwide increased year by year at a rate between 2 and 5 percent. The total number of graduates reached 57.06 million in the past 7 years. In 2018, the number of college graduates in China is expected to rise to 8.2 million, a record high for the past 10 years. These graduates have become the main force of China's new labor force. The average educational years of the new labor force now exceeds 13.3 years, which is equivalent to the first year of college education.