China's birth rate plummeted to a record low in 2023. The rate of 5.6 births per 1,000 people is the lowest since 1949. Data released Monday by the National Statistics Bureau revealed only 7.9 million newborns, a decrease of 1.6 million from the previous year.
This decline occurred despite President Xi Jinping's efforts to incentivize larger families. China's total population also shrank by 3.4 million, a drop unseen since the 1960s. The aging population and shrinking workforce pose a significant threat to China's economy.
The government has implemented pro-natalist policies, including extended leave, to combat the demographic crisis. These measures aim to alleviate pressure on the pension system. Globally, this trend raises concerns about China's future economic stability and its impact on international markets.
China's one-child policy, implemented for decades, contributed to the current demographic challenges. Experts will be closely watching upcoming policy changes and their effectiveness in reversing this trend. The government is expected to announce further measures to address the population decline in the coming months.
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