The term "demographic dividend" is related to a country's population, but it is not equal to population size alone, but rather combines various factors including the quality of the labor force and productivity levels that spur stronger economic growth, according to Cai Fang, chairman of the Academic Committee of China Finance 40 Forum and chief expert of the national think tank of Chinese Academy of Social Sciences. 

Cai adds that the era of relying on growth based on demographic dividend for China has ended, and there is a need to quickly shift to improving the country's productivity through innovation.