China’s population decreased for the third consecutive year in 2024, according to official government data. The population stood at 1.408 billion, a reduction of 1.39 million compared to the previous year. This trend aligns with demographic shifts seen in other East Asian nations, including Japan and South Korea, where declining birth rates and aging populations present significant challenges. Rising costs of living, coupled with a focus on higher education and career advancement, have led to delayed or fewer marriages and childbirths. Analysts have highlighted that a rapidly aging population and limited immigration exacerbate these issues, potentially impacting China’s economy, which is the second largest in the world. Notably, China was overtaken by India in 2023 as the most populous nation, a significant demographic milestone.

Efforts to address these concerns include government incentives such as cash payouts and subsidies for families with up to three children. However, these measures have only produced temporary effects. The transition to an urbanized society continues, with the urbanization rate rising to 67% in 2024. Challenges remain, including the strain on social security systems, which are already underfunded. More than 22% of the population is now aged 60 or older, a figure expected to exceed 30% by 2035. Some schools and kindergartens have been repurposed as elderly care facilities, reflecting the shift in demographic needs. Experts caution that this combination of a shrinking workforce and an aging population could lead to economic stagnation, reinforcing the idea that China may grow old before it grows rich.