China’s population has fallen for the second year in a row, with a new population of 1.409 billion.

Death rate increase

A report by Nikkei, quoting China's national statistics bureau, revealed that China's total population fell by about 2.08 million people by the end of 2023.

This is more than double the roughly 850,000 fall recorded in 2022 and brings China's population to about 1.409 billion.

An expert quoted by Nikkei said that 2023’s numbers are particularly pertinent, as they covered the opening-up period after the relaxation of Covid-19 restrictions.

In early 2023, China eased pandemic restrictions, allowing free travel and mingling for the first time in almost three years.

China’s death rate increased from 7.37 deaths per thousand in 2022 to 7.87 in 2023.

Bloomberg attributed the increase to Covid-related deaths as China ended pandemic-era restrictions in early 2023, although it noted that the bureau did not break down the causes of deaths.

The decrease in population cements the changeover between China and India as the world's most populous nation.

Birth rate decrease

Bloomberg’s report focused on China’s falling birth rate, which at just over nine million in 2023, was the lowest since 1949, the year when the Chinese Communist Party declared the creation of the People's Republic of China.

Bloomberg’s report highlighted worries about China’s economy in view of its rapidly ageing population.

It noted that the ageing population tied into most of China's major concerns, including demand for property, as well as worries about whether China’s pension system can cope.

The Guardian also focused its report on birth rates, citing the high cost of living, poor support for mothers in the workplace, traditional gender roles, and familial expectations as contributory factors to the lowering birth rate.

It also reported anecdotal evidence from China’s social media users that they were encountering more pregnant people than usual, although some attributed this to the upcoming dragon zodiac year, traditionally thought of as a lucky year in which to have a child.

If true, this will likely lead to a one-off spike at best.

Silver economy

China's population and birth rate woes are not unique in East Asia, with neighbouring countries like Japan, and both Koreas, North and South; not to mention Singapore.

Bloomberg reports that China is rolling out a multi-trillion dollar "silver economy" plan, to help care for the aged.

Initiatives include tailoring products such as food products to the elderly, as well as offering special bonds to support silver economy development.

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