China’s population has fallen for the second year in a row, falling by 2.75 million to 1.409 billion in 2023, according to media sources citing the country’s National Bureau of Statistics. The population in 2023 shrank significantly faster than in 2022.
China’s birth rate has been dropping, and the population is aging. This is raising concerns about demographic difficulties. This drop was influenced by the consequences of the one-child policy, which was eased in 2015 to allow couples to have two children. However, the legislative reform did not result in an immediate increase in birth rates.
The COVID-19 pandemic also had an impact, with a spike in cases after authorities eased restrictions in December 2022. The most recent figures sparked concerns about the world’s second-largest economy’s long-term growth prospects.
With a decline in the young population, there are fewer workers. Consumers are also on the decline. Furthermore, the expense of aged care and retirement benefits has risen over time. With all of these forces at play, the country’s growth prospects are fading.
India has already surpassed China as the world’s most populated country. Given the longstanding US-China competition, there are discussions about shifting supply chains from China to other markets.
Further drop by 2050
China’s population will fall significantly by 2050. They predict 109 million fewer people than previously predicted in 2019 according to United Nations estimates. Furthermore, China’s retirement-age population, aged 60 and up, is expected to exceed 400 million by 2035.
In terms of demographic statistics, China’s birth rate in 2023 fell to a historic low of 6.39 births per 1,000 people, down from 6.77 in 2022. The death rate in China has also risen, reaching 7.87 deaths per 1,000 inhabitants in 2023, up from 7.37 in 2022.