China's population declines for third year, raising economic concerns

China's population decreased for the third consecutive year, dropping by 1.39 million to 1.408 billion in 2023. This decline highlights challenges such as an aging population and a shrinking workforce, similar to trends seen in other East Asian countries. The birthrate continues to fall, with the sex ratio reported at 104.34 men for every 100 women. The government faces pressure from a rapidly aging population, with over 22% of citizens aged 60 or older, and forecasts suggest this could exceed 30% by 2035. Despite government incentives to encourage larger families, such as cash payouts and housing assistance, these measures have had limited success. Urbanization is ongoing, with 10 million more people moving to cities, raising concerns about the future economic stability of the country.