China experiences consecutive population decline for the second year in a row

China's population has declined for the second year in a row, raising concerns about the future growth of the world's second-largest economy. The country's population stood at 1.409 billion, down by 2.08 million from the previous year. This decline is more than double the previous year's loss of 850,000 people. China, which was once the most populous nation, was overtaken by India last year according to the UN, with India's population now at 1.425 billion. The decrease in China's population is attributed to falling birth rates and rapid urbanization. Beijing has implemented measures to slow down the falling birth rate, including subsidies and allowing couples to have up to three children. However, these efforts have had little impact so far, with young people citing factors such as the high cost of living in cities and career priorities for women as deterrents to having children. Chinese internet users are also expressing concerns about these issues. Despite the demographic challenge, analysts believe China still has ample manpower and time to address the situation. However, the declining population is expected to add pressure to China's healthcare and pension systems as the retiree population grows. The death rate in China was also at its highest in decades in 2023, with a significant increase believed to be contributed by Covid-related deaths.