In discussions about China’s economy, the issue of demographics comes up quite a lot. In 2022, China’s population
began to decrease (and coincidentally, India’s population
surpassed China’s). The country’s fertility rate, which had already fallen below replacement levels decades earlier,
fell again recently, to just 1.09 — one of the lowest rates in the world, and even lower than Japan.
This is prompting a lot of hand-wringing about the future of China’s economy, both from people within China and from foreign observers. For example,
here’s a quote in the WSJ: