The policy is now 35 years old. It’s too late for China. They are close to losing two generations. If you run back from 65, that means that everyone from 65 to 30 would be affected by this policy.
If it runs another 10 years, China is finished.
No, it's not too late. The hidden part of the policy is that you simply euthanize those too old and sick to work. That's also the hidden part of ObamaCare.