In 2024, China's population decreased for the third consecutive year, despite a minor increase in births, highlighting a persisting long-term risk to the economy.
According to data provided by the National Statistics Bureau on Friday, China's population decreased by more than 1.39 million to 1.408 billion last year.
Slight Increase in Chinese Birth Rate
There were about 9.54 million births, 520,000 more than the previous year.
The Chinese zodiac's Year of the Dragon is thought to be auspicious for childbearing, which may contribute to this hump. Nevertheless, it remained the second-lowest birth rate since the People's Republic of China was established in 1949.
Reason for China’s Decreasing Population
"The primary reason for the increase is that many couples who postponed having children during the three years of the Covid-19 pandemic decided to have children in 2024," He Yafu, an independent demographer, stated. "However, I predict that fewer babies will be born in 2025."
The yearly population decline demonstrates how the Chinese government has had difficulty stopping a declining birth rate brought on by decades of stringent family planning laws, growing childcare expenses, and shifting social mores. With the exception of a brief increase in 2016 when the government loosened its one-child policy, the number of newborns has been continuously dropping since the 1960s.
China’s Impending Doom
According to Bloomberg Intelligence, China's population will drop to 1.36 billion people by 2035, the lowest level since 2012. However, this could be postponed if couples are encouraged to have additional children. Authorities promised in October to better assist families with numerous children by providing housing, health care, and job assistance.
China's demographic problems could eventually harm the country's economic prospects because growth is hampered by a declining labor force. Furthermore, an aging population would put additional strain on the underfunded pension system.
Last year, China announced plans to gradually increase the retirement age for the first time since 1978, despite public dissatisfaction with the decision.
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