China’s population declined for the second consecutive year in 2023, dropping by 2.75 million to 1.409 billion, according to the National Bureau of Statistics. The decline, faster than in 2022, is attributed to a sharp drop in the birth rate and a wave of COVID-19 deaths following the easing of strict lockdowns. China’s birth rate has been decreasing for decades, impacted by the one-child policy and urbanization. The declining population raises concerns about the country’s economic growth potential, as it leads to fewer workers and consumers, while increasing costs of elderly care and retirement benefits strain local governments.