China will grow old before it becomes rich

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China’s population fell for the fourth straight year in 2025, dropping by about 3 million people, as the country recorded its lowest birthrate since 1949.

Births fell to 5.63 per 1,000 people, the lowest since the founding of the People’s Republic in 1949.

Only 7.9 million babies were born in 2025, down sharply from 9.5 million the year before.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.