The Latest "Baby Boomer"

Zhang Yichi was born on Thursday and named as China's 1.3 billionth person by the government.

Pete's Points:

This is one person who has already had his 15 minutes of fame.

According to Reuters, his family has rejected multiple offers from companies seeking to use the child to advertise all sorts of products. However they did accept a proposal from an insurance company.

Given China's one child policy, I wonder if the parents were offered a form of insurance which will protect them against the misfortunes of old age? After all the old tradition where children look after their parents in their old age has become difficult to follow, when at best, there are only two children to look after four parents.

I guess that one of the benefits arising from China's major economic growth in recent times may be the ability to gain sufficient income to look after the hordes of people who are galloping into old age within that country.

If we think of the issues that arise in Australia from baby boomers going into retirement it pales into insignificance when compared with the difficulties that will be faced by the governments of China, India and other populous nations over the next few years.

I wonder what impacts this will have on a globalised world?