China’s population has seen a consecutive decline, reaching 1.409 billion by the end of 2023, reflecting a decrease of 2.08 million from the previous year.
This decline is double that of the preceding year, highlighting worries about the future growth of the world’s second-largest economy.
Experts attribute the fall to factors such as an expanding urban class and a record-low birth rate.
“It’s not a surprise. They’ve got one of the lowest fertility rates in the world, so this is just what happens – the population stops growing and starts to decline,” notes Prof Stuart Gietl-Basten, a population policy expert at the Hong Kong University of Science and Technology.
China’s birth rate has now dropped to 6.39 per 1,000 people, aligning with other advanced East Asian nations like Japan and South Korea.
Despite the Chinese government’s efforts to reverse falling birth rates, including the relaxation of the one-child policy in 2015 and allowing couples to have up to three children in 2021, the impact has been limited.
Economic challenges, exacerbated by the pandemic, have contributed to delayed family planning due to concerns over the cost of living and career priorities.
“My husband and I do want to have a kid but we can’t afford it for now,” says Wang Chengyi, a 31-year-old woman in Beijing.
Economic pressures, compounded by the pandemic, have accelerated the decline in new births.
The struggle is evident in China’s economic woes, including a widespread property crisis, falling consumer spending, and record youth joblessness.
The latest annual data confirms China’s economic challenges, with GDP expanding at 5.2% in 2023, marking one of the slowest rates in over three decades.
The aging workforce poses additional challenges, as projections indicate a 60% increase in the retiree population to 400 million by 2035.
Despite these concerns, experts believe that China, like other deindustrialized nations, has the time and resources to manage the transition in its workforce.
Source-BBC
