It is an important variable. But a more realistic picture needs to factor in:

  1. median IQ
  2. skills
  3. future unfunded liabilities (welfare, pensions, public health, etc)

China has demographics collapse like the West but they have high median IQ, high skills, and almost no unfunded liabilities. Meanwhile, Western IQ and skills are dropping like a stone and they have trillions in unfunded liabilities. And any attempt to fix it is either a drop in a bucket or going to trigger massive unrest. Just see what happened in France a year ago.

I hope China learns this lesson an makes some changes. At least they have a bit more runway to do so.