China's Population Decline Continues for the Third Consecutive Year
China's population has declined for the third consecutive year in 2024, signaling ongoing demographic challenges for the world's second-largest economy. The National Bureau of Statistics announced that the population stood at 1.408 billion by the end of the year, a slight decrease from 1.410 billion in 2023. Although the decline was less pronounced than in the previous year, this consistent downward trend highlights a demographic shift that could have profound implications for the nation's future.
The fall in population marks the continuation of a significant transformation in a country that experienced more than six decades of steady growth. China's population decline has been attributed to a combination of factors, including low birth rates, economic pressures, and shifting societal priorities. Efforts by the government to reverse this trend, such as ending the one-child policy in 2016 and allowing up to three children per couple in 2021, have yet to yield the desired results.
One of the primary reasons for the decline is the high cost of living, which discourages many couples from having more children. Housing, education, and healthcare expenses have skyrocketed, making it challenging for families to afford larger households. Additionally, the increasing participation of women in higher education and the workforce has led to a shift in societal norms, with many women choosing to delay or forgo childbirth in pursuit of career aspirations.
The demographic shift poses significant challenges for China's economy, which has long relied on its vast workforce to drive growth. A shrinking population and an aging society are expected to exert pressure on the country's social welfare systems. According to the Economist Intelligence Unit, individuals over the age of 60 are projected to account for nearly a third of China's population by 2035. This aging demographic will increase the demand for healthcare and pension systems, potentially straining public resources.
In response to these challenges, Chinese authorities have introduced measures to address the demographic crisis. In September 2024, officials announced plans to gradually raise the statutory retirement age, which has been among the lowest in the world and remained unchanged for decades. The new retirement rules took effect on January 1, 2025, marking a significant shift in policy to adapt to the aging population.
Despite these efforts, the road ahead remains complex. China's demographic issues are deeply intertwined with economic and cultural factors. The government will need to address the root causes of the declining birth rate, such as the financial burden on families and societal expectations, to create a more favorable environment for population growth.
The continued decline in population underscores the urgency of innovative solutions to mitigate the impact on China's economy and society. As the nation navigates this demographic transition, its strategies will likely serve as a critical case study for other countries facing similar challenges in the future.
Refrence From: www.ndtv.com