In the traditional Chinese culture, the dragon is revered as the embodiment of power and wisdom, as well as an important symbol of spiritual belief and cultural identity. Many people believe that children born in the Year of the Dragon are blessed with more good fortune and are more likely to achieve success. In countries with a significant Chinese population, such as China, Hong Kong, Taiwan, and Singapore, the Year of the Dragon often brings about a baby boom.

Taking Hong Kong as an example, both 1988 and 2000, the two Dragon years, saw a significant increase in the number of births: the number of newborns in 1988 rose by 7.8% compared to 1987, while 2000 saw a 5.5% increase compared to 1999. The same trend occurred in China and Taiwan as well. In the Dragon year of 2012, China's birth rate reached 19.73 million, surpassing the figures of 17.97 million in 2011 and 17.76 million in 2013. In Taiwan, the number of newborns in 2012 was 230,000, higher than the neighboring years' figure of 200,000.

Over the past few decades, many countries with predominantly Chinese populations have experienced a golden period of economic prosperity. The surge in workforce brought about by the baby boom undoubtedly injected powerful momentum into the economic growth of these nations. As we enter the Year of the Dragon in 2024, let us reflect on the growth journey of the population born in the Dragon years over several generations, particularly as they enter universities, graduate, and step into society. Together, we will explore how these generations of Dragon-born individuals have harnessed their expertise and skills to become a driving force behind the rapid economic growth.

Born in 1952： The Awakening of the Dormant Dragon

1952 marked the Year of the Dragon. And those born in China that year entered their schooling and employment phase in the late 1960s. In 1966, the Chinese government decided to temporarily suspend the college entrance examination (gaokao), the traditional mechanism for selecting students for university admission and instead encouraged tens of millions of urban youths to go to the countryside and participate in agricultural production and rural development.

Therefore, for the cohort of individuals born in the Year of the Dragon in 1952, many of them chose to engage in agricultural production after completing their secondary education. At that time, China's agriculture lacked modern technological support. As part of the baby boom generation, this group provided crucial labor support to agricultural production, directly driving agricultural development and increasing output. Millions of young graduates from elementary and middle schools across the country actively taught and promoted the most advanced agricultural techniques to local farmers. Among them, the renowned writer Wang Xiaobo was also born in the Year of the Dragon in 1952. From 1968 to 1970, he was sent to work on a farm in Yunnan province, laboring side by side with local villagers. This immersive experience in the fields and working alongside farmers became one of the inspirations for his famous novel, "The Golden Age." During the ten years from 1968 to 1978, China's grain production increased from 209 million tons to 305 million tons, a growth of nearly 50%.

After World War II, the demand in the European and American markets continued to grow, and the trend of globalized production became increasingly apparent. Against this backdrop, developed countries began to transfer labor-intensive industries with lower added value to developing countries with relatively inexpensive labor. In this process of industrial transfer, numerous emerging countries in Asia benefited, experiencing rapid economic development and a rapid increase in population. Inspired by Japan's manufacturing-led economic boom, places like Hong Kong, Singapore, and Taiwan also embarked on industrialization processes. They leveraged on reforms and a demographic dividend to vigorously develop light industries such as textiles, electronics, and clothing.

The manufacturing sector of Hong Kong in the 1970s is a good example. The sector accounted for nearly 30% of the GDP and employed 40% of the total labor force, highlighting the crucial role of manufacturing in economic growth and job creation. The massive cohort of newborns born around 1952 were in their prime working years, constituting a significant labor supply that coincidentally met with the labor-intensive requirements of light industry production, thereby promoting the further expansion of factory production scales.  

Born in 1964： The Four Dragons Roar

Fast forward to the 1980s, the four rapidly rising Asian economies—Hong Kong, Singapore, Taiwan, and South Korea—began to face economic transformation pressures due to rising labor costs and limited population bases. Leveraging their unique advantages and industrial foundations, they strategically shifted their focus towards the service sector or high-end manufacturing. Through relentless efforts, they successfully completed their economic transformations, earning them the distinguished title of the "Four Asian Dragons."  

Due to their small geographical size and dense populations, Hong Kong and Singapore had limited space for further expanding their manufacturing sectors. However, backed by proximity to China and Southeast Asia, Hong Kong and Singapore prioritized the development of the shipping industry. Since 1980, the container throughput of their ports has consistently ranked among the top five globally. Simultaneously, the prosperity of international trade injected new momentum into the growth of their local financial industries and facilitated their internationalization processes. The growing transactions with overseas companies and the increasing demand for internal financing by local enterprises greatly fostered the development of financial markets, attracting numerous foreign banks to establish branches in Hong Kong and Singapore. By 1980, the number of foreign bank branches in Hong Kong and Singapore had reached nearly hundreds, laying a solid foundation for their future status as Asian and even global financial centers.

As the share of the service sector in Hong Kong and Singapore's GDP continued to rise, the demand structure for labor underwent significant changes. Among those born in the Year of the Dragon in 1964 in Hong Kong and Singapore, many received higher education and became proficient in foreign languages like English, which prepared them adequately for their future careers. When they graduated from universities and entered the job market in the 1980s, their professional knowledge and skills in areas such as finance and international trade perfectly aligned with the growing business demands between Hong Kong, Singapore, and overseas companies.

Taiwan and South Korea took different transformation paths from Hong Kong and Singapore. Leveraging their solid industrial foundations, they actively promoted the transformation and upgrading of their manufacturing industries, focusing on the development of technology-intensive sectors. Compared to Hong Kong and Singapore, Taiwan and South Korea had larger populations and territorial areas, as well as more robust industrial foundations. In Taiwan, the government implemented various measures, such as establishing the Hsinchu Science and Industrial Park, providing strong support for the rapid expansion of high-tech industries. Particularly, the technology-intensive manufacturing sector, led by electronic components, continuously grew in its share of GDP, becoming a vital pillar of Taiwan's economy. South Korea exhibited a similar trend in its industrial structure, with the proportion of advanced equipment manufacturing sectors such as electronics and machinery increasing in its GDP. During the process, companies like Samsung, Hyundai, and LG gradually gained recognition as well-known Korean brands in the Western world. As the economy gradually transitioned to advanced manufacturing, many individuals born around the Year of the Dragon in 1964 in Taiwan and South Korea chose to enter the technology industry. Some pursued further education at universities, obtaining master's or even doctoral degrees. Through in-depth academic research and exploration, they built a solid basis for their future success in entrepreneurship.

As the Four Asian Dragons gradually shifted their development focus from labor-intensive manufacturing to other industries, they left a void in the significant market share they once held globally. Developed countries began searching for new manufacturing centers to fill this gap. In the early 1980s, China found itself in a transformative era full of opportunities. In 1978, the Chinese revolutionary leader, Deng Xiaoping, announced the implementation of the reform and opening-up policy, a historic decision that propelled China into a significant transition from a planned economy to a market economy. Subsequently, the Chinese government introduced a series of market-oriented reform measures, promoting rapid industrialization in regions like the Yangtze River Delta and the Pearl River Delta, which came to represent the high-speed development of industrialization.

Born in 1976： Rising like a Dragon, Pouncing like a Tiger  

Entering the 1990s, as the Cold War came to an end, the pace of globalization accelerated, driving trade, investment, human mobility, and technological innovation worldwide. At the same time, China embraced new development opportunities. With the government's accelerated efforts in opening up to the world and a friendly international business environment, China gained more opportunities to participate in the global production network, fueling a wave of entrepreneurial fervor in the early 1990s. Statistics show that in 1992 alone, approximately 120,000 civil servants resigned and ventured into the business world. Concurrently, the number of private enterprises in China experienced explosive growth, soaring from around 90 thousand in 1990 to approximately 1.2 million in 1998. A series of preferential policies introduced by the government also attracted a significant amount of foreign direct investment (FDI). China's FDI surged from $3.5 billion in 1990 to $41.7 billion in 1995, accounting for a remarkable 40% share of total FDI in developing countries at the time. Furthermore, China's demographic dividend began to show its impact as the continuously growing labor force provided robust support for economic development. The introduction of advanced technologies and equipment from overseas  injected new vitality into China's industrial upgrading and economic growth. In this context, the Chinese economy maintained strong growth momentum throughout the 1990s, with GDP growth rates exceeding 10% from 1992 to 1995, firmly positioning China as a leader among many developing countries.

The series of preferential policies implemented by the Chinese government to attract foreign investment also caught the attention of Taiwanese and Hong Kong businessmen. Starting from the 1980s, Hong Kong businessmen gradually shifted their investment focus to mainland China, including renowned large enterprises such as Hongkong Land and Swire Group. These companies ventured into various sectors such as tourism, real estate, and transportation, with their investment primarily concentrated along China's coastal regions. Particularly in Guangdong Province, Hong Kong investment accounted for over 80% of foreign investment. Meanwhile, as the proportion of Hong Kong's local manufacturing industry in the overall economy declined, more Hong Kong businessmen recognized the enormous potential of relocating production lines to mainland China. Hong Kong's small and medium-sized capital flooded in, establishing numerous processing factories that mainly produced consumer goods such as clothing, toys, and electronics, utilizing China's abundant inexpensive labor and land resources. After production, these enterprises leveraged Hong Kong's advantages in international trade to export their products worldwide. These Hong Kong businessmen not only brought much-needed capital to the mainland but also brought with them advanced management skills and market operation models accumulated from their previous business operations in Hong Kong. Many individuals born around the Year of the Dragon in 1976 successfully earned their first pot of gold by investing in mainland China.

Following the wave of Hong Kong business investments, Taiwanese companies also significantly increased their investment in mainland China during the early 1990s. In 1993 alone, Taiwanese investment in the mainland exceeded the total investment from 1979 to 1992, with over ten thousand investment projects and an investment amount exceeding US$3 billion. In addition to investing in traditional manufacturing sectors, Taiwanese businesses started to enter the high-tech industry and extended their production lines to the mainland. For instance, Terry Gou, the founder of Foxconn, invested in factories in Guangdong, Jiangsu, Shaanxi, and other regions in the early 1990s. By utilizing electronic product assembly techniques and China's abundant labor resources from the post-70s generation, he successfully won orders from renowned companies such as Dell and Apple. To this day, Foxconn remains one of the Taiwanese companies with the most investment in mainland China.  

During the 1990s, China's job market also underwent structural changes. Historically, the primary sector (agriculture, forestry, animal husbandry, and fisheries) had accounted for the largest share of the labor force. However, in the 1990s, the employment share of this sector continued to decline as a percentage of the total population. In 1997, this share fell below 50% for the first time, signaling a growing transition of labor from agriculture to non-agricultural sectors. Meanwhile, the employment share of the secondary sector (industry and construction) and the tertiary sector (services) exhibited a steady upward trend. For those born in the Year of the Dragon in 1976, they were presented with more opportunities and choices upon entering society. In the 1990s, a large number of rural laborers flooded into cities and joined labor-intensive industries, providing valuable manpower for rapidly expanding sectors such as manufacturing. Additionally, a portion of post-70s individuals chose to pursue higher education and embarked on an entrepreneurial path based on their observations and convictions of market demand and opportunities. Companies like JD.com and Meituan were founded by these post-70s graduates.  

Born in 1988：The Soaring Dragon

As the "dragon babies" born in 1988 reached adulthood, they became part of the working-age population. Looking back at this period, China, as a rising star, stood out among the various Asian economies. From 2006 to 2010, China's Gross Domestic Product (GDP) grew at an average annual rate of 11.2%, far surpassing the global economic growth during the same period. After joining the World Trade Organization (WTO) in 2001, China experienced a substantial increase in exports driven by its low-cost labor force. By 2010, China's manufacturing sector accounted for a staggering 19.8% of global manufacturing, securing its position as the world's leader. The well-known e-commerce platform Taobao seized the enormous market of this young generation, who embraced convenience and had a higher acceptance of new things. Taobao expanded its reach among the youth and quickly grew to be the top player in China's domestic online shopping market. By the end of 2010, Taobao had over 370 million registered users, capturing an 80% share of China's online retail market. Taobao's emergence provided ample job opportunities and helped reduce startup costs for small and medium-sized enterprises.

With the continuous development of the Hong Kong and Singapore economies, the pool of talent grew. Local professionals began to play more critical roles in the branch offices established by foreign companies. Top-tier institutions in both Hong Kong and Singapore, such as the University of Hong Kong and the National University of Singapore, enhanced their teaching standards by attracting excellent faculty, increasing research investment, and actively collaborating with foreign universities. These efforts significantly elevated the quality of education and made substantial contributions to nurturing high-level professionals. As local talents had improved skills and a deep understanding of the local business environment, laws and regulations, and cultural customs, foreign companies no longer needed to assign a large number of expatriates to work in Hong Kong and Singapore. Therefore, starting from the 2000s, an increasing number of Hong Kong and Singaporean professionals began to hold key positions in globally renowned companies, including financial institutions, law firms, and accounting firms. Many individuals born around the Year of the Dragon in 1988, with their outstanding educational backgrounds and the booming of job opportunities in high-end services locally, showcased remarkable abilities and excelled in prominent multinational corporations.

Conclusion

As the 2024 Lunar New Year approaches, media outlets widely predict that countries with a predominantly Chinese population will experience another small baby boom. However, taking into consideration low fertility rates across East Asian countries, it may be challenging to reverse the downward trend in birth rates in the short term. Taiwan, Hong Kong, Singapore, and China have all entered the fourth stage of demographic transition models: improvements in living resources and healthcare conditions, along with the trend of delayed marriage and childbirth, leading to declining fertility rates and population. In the light of a continued decline in population, the babies born in the Year of the Dragon will face economic development challenges caused by population reduction, such as shortages in labor supply, rising costs of public healthcare, and the subsequent pressures of economic structural transformation. Moreover, the rapid development of technology, particularly the rise of artificial intelligence, heralds significant societal revolution in the future. At this juncture, how will the Dragon generation born in 2024 seize opportunities and write their own legendary stories? Let us wait and see.