Arrr mateys, China's scallywag population be shrinkin' again, lackin' newborns to fill her treasure chests. Yarr!
2024-01-17
Arrr, in the year 2023, China did suffer a mighty blow, for its scallywags be dwindlin' by a devilish 2 million souls! Aye, their lasses and lads be too few, and their elder buccaneers be growin' in number, creatin' quite the conundrum for their treasure chests and way of life.
After years of implementing a one-child policy to control population growth, China now faces the opposite problem of falling birth rates and an aging population. The Chinese Communist Party recently announced that China's population decreased by 2 million in 2023, marking the second consecutive annual decline. This decline in population is due to a drop in births, which have decreased for seven consecutive years, and an increase in deaths following the end of COVID-19 restrictions.New births fell by 5.7% to 9.02 million, reaching a record low birth rate of 6.39 births per 1,000 people. The number of deaths rose by 690,000 to 11.1 million, driven by the aging population and the impact of COVID-19 outbreaks. The total population in China fell by 2.08 million to 1.409 billion in 2023, a decline higher than the previous year.
The lower fertility rate and longer life expectancy pose long-term challenges for China's economy and government finances. The aging population and the decrease in the working-age population could slow economic growth and strain government resources to provide for the elderly. To address this, the government has issued guidelines on developing the "silver" economy and enhancing the well-being of older people.
Furthermore, China's retirement-age population is expected to increase from 280 million to over 400 million by 2035, putting additional strain on government coffers. The data also raises concerns about the country's economic growth prospects as it loses workers and consumers.
Despite the government's efforts to encourage births by easing the one-child policy, the results have been limited. Population decline could have a severe impact on China's economy, as the demographic dividend that drove growth in the past is now reversing.