China’s birthrate decreases for second consecutive year

China’s number of new births has declined for the second year in a row since repealing its one child policy, with the rate falling by 2 million last year to 15.2 million, said the Financial Times. 

China’s population expanded by 0.38% in 2018, marking it the slowest pace since 1961. Beijing estimates China will hit its peak population of 1.44 billion in 2029, before starting to decline.

“A decline in the population of young people and their smaller number of children ought to have profound repercussions for the Chinese economy,” said Wang Feng, a demographer at the University of California Irvine.

The country is also facing an aging population which will eventually lead to the decline of the workforce. About one-third of the population will be over the age of 60 by 2050, according to researchers from Renmin University.