China is suffering through multiple setbacks on various fronts. Most recently their stock market witnessed a bloodbath after signals of Donald Trump’s return. This week, the National Bureau of Statistics in China dropped another bombshell for Xi Jinping that reflected the shrinking of the population.
China is facing an unprecedented economic crisis after the bloodbath in the stock market this week. Even their growth rate has significantly fallen as foreign companies have started to shift their manufacturing bases from China. However, more concerning news rocked the political circles in Beijing as China marked a population decline for the second year in a row.
One of the key reasons for China's dominance in today's world is due to its population base. India recently overtook China and became the most populous country in the world. Beijing is worrying about the present situation revolving around its population growth rate. The National Bureau of Statistics released the data for 2023 which has sent alarm bells over China's Communist Party.
The population in China has declined for the second year in a row which suggests there are fewer births taking place and more number of people are moving into the old age group. The birth rate in 2023 dropped to 5.7 percent to 9.02 million. The birth rate in the Asian nation is lowest since the foundation in 1949 while the death rate is highest since 1974.
Due to the slowing down of the economy post the COVID-19 phase, more young people have fallen towards unemployment and salary cut brackets. This in turn has led the youth towards restraint over marriage. Even the married ones prefer to have no kids due to the rising costs in China. According to the UN, China's population could shrink by a mammoth 109 million by 2050.
While the Chinese government is advising couples to have more children in order to control the population shrinkage. Even the traditional role of women as caretakers of the family has been dwindling as more number of women prefer to prioritize their careers. Local governments in Chinese provinces recently announced tax deductions, longer maternity leave, and housing subsidies to encourage childbirth.