China's declining birth rate and its economic impact

China's birth rate has been declining, leading to a population decrease and economic repercussions. In 2023, only 9 million babies were born in China, down from 9.56 million in the previous year. The country's fertility rate is now at an ultra-low 1.0. The declining birth rate has resulted in a shrinking working-age population, which is a concern for the economy. The government has implemented various policies to reverse the decline, such as providing tax benefits and cash incentives for having children, but these measures have not been successful so far.