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China's demographic crisis and the return to 400 million – by pku prof. Zhang junni

This piece from Sinification delivers a stark, data-driven warning that China's demographic collapse is not a slow drift but a sudden cliff. While official narratives often treat population decline as a manageable "new normal," the analysis argues that the speed of the shift—unmatched in modern history—threatens to dismantle the very foundations of the nation's economic and geopolitical power. For leaders and investors watching the world's second-largest economy, the central claim is unsettling: the window for gradual adjustment is slamming shut.

The Speed of the Collapse

The most jarring statistic in the report is the velocity of the fertility crash. Sinification reports that China's total fertility rate plummeted from 1.3 to 1.01 in just three years. To grasp the severity, the piece notes that South Korea, often cited as a cautionary tale, took 17 years to experience a similar drop. This acceleration suggests that cultural and economic headwinds are compounding faster than policy can react. The author, Zhang Junni, a statistician from Peking University, warns that this is not a temporary fluctuation but a structural reality. "Assuming age-specific fertility and mortality rates remain at their 2023 levels and international migration is not taken into account, then 83 years from now China's population will have fallen back to about 400 million," the piece states. This projection implies a future where the workforce is a fraction of today's size, leaving a sharply inverted pyramid with nearly half the population over 65.

China's demographic crisis and the return to 400 million – by pku prof. Zhang junni

Critics might argue that such linear projections ignore the potential for rapid technological substitution or sudden policy breakthroughs. However, the sheer scale of the demographic momentum makes a reversal unlikely without radical intervention.

Demography as Destiny

The commentary moves beyond simple headcount to argue that population size is a direct proxy for national power. The piece leans on the sociological maxim that "demography is destiny," asserting that a shrinking population inevitably erodes innovation capacity and global influence. "Sectors such as DeepSeek, AI agents and related fields are currently driven overwhelmingly by young people; if, in future, there are too few of them to 'take up the baton', where will our dynamism and capacity for innovation come from?" the article asks. This reframes the issue from a social welfare problem to a strategic security threat. The argument holds weight because it connects the abstract concept of birth rates to tangible outcomes like the viability of the pension system and the size of the consumer market. If the population shrinks, the claim goes, China's status as the "world's largest market" becomes a relic, diminishing its "discursive power" on the global stage.

A shrinking and ageing population will weaken China's innovation base, undermine long-term macroeconomic stability and erode its international "discursive power", including its status as the world's largest market.

Beyond Cash Incentives

Perhaps the most distinctive part of the analysis is its skepticism toward the standard solution: throwing money at the problem. The piece observes that despite massive spending, South Korea's pronatalist efforts have largely failed because they ignore the root causes of low birth rates. "Economic incentives are insufficient: pronatalist efforts in South Korea have largely failed because they do not address societal barriers such as inflexible employment practices and gender-unequal care responsibilities," the editors note. Instead, the argument pivots to the concept of "involution"—a term describing the exhausting, zero-sum competition in education and employment that leaves young people too drained to form families.

The proposed solution is counter-intuitive for a system obsessed with metrics: reduce the pressure. The piece advocates for a less competitive education system, suggesting that "basic education should offer a less pressurised environment, enabling children to spend more time on deep reflection, collaborative exploration, and even some degree of innovation." This approach recognizes that the desire to have children is stifled not just by cost, but by a culture of loneliness and hyper-competition. While this socio-cultural focus is compelling, it faces a significant hurdle: dismantling the Gaokao (national college entrance exam) and the rigid vocational streaming that defines Chinese education is politically and culturally monumental.

The Uncomfortable Taboo

Finally, the analysis breaks a long-standing silence by suggesting that China must consider immigration, a topic historically viewed as politically toxic. "Immigration planning should be put on the table despite political sensitivities—Japan's gradual shift away from a closed, homogeneous society towards greater openness to immigration offers a relevant precedent," the piece argues. This is a radical departure from the official stance, which has largely relied on encouraging domestic births. The inclusion of this point signals a growing desperation among experts who see the demographic math as unsolvable through birth rates alone. It forces a confrontation with the reality that a closed society cannot sustain a shrinking workforce indefinitely.

Bottom Line

The strongest element of this analysis is its refusal to treat the demographic decline as a manageable policy adjustment, instead framing it as an existential threat to China's future power. Its greatest vulnerability lies in the political feasibility of its recommendations; asking the state to dismantle the competitive education system or embrace immigration touches on the most sensitive nerves of the Chinese social contract. The piece serves as a crucial warning that without addressing the deep cultural and structural drivers of low fertility, no amount of fiscal stimulus will stop the slide toward a 400-million-person future.

Sources

China's demographic crisis and the return to 400 million – by pku prof. Zhang junni

Recently released official data show that China’s population decline accelerated in 2025, with the lowest birth rate since national records began in 1949.

China is not the only country facing a demographic cliff-edge, but as with many aspects of China’s political economy, the scale and speed of the shift are remarkable. This edition’s author, Zhang Junni (张俊妮), notes that China’s total fertility rate fell from 1.3 to 1.01 in just three years, whereas South Korea took 17 years to drop from 1.3 to around 1.0.

China’s controversial legacy of family planning made this a politically fraught conversation for many years, but in 2021 Beijing formalised the turn from birth restriction to encouragement through the three-child policy.

A sign of how far the conversation has moved into the open is Xi Jinping’s Qiushi article on the topic, published in November 2024. Still, the official framing remains notably non-alarmist, treating population decline as a new normal to be managed—with downsides, but also potential upsides. Cai Fang (蔡昉), in a March 2023 speech summarised by Sinification, typifies this mainstream, technocratic approach.

Zhang is notably more concerned, treating demography as a strategic constraint on China’s innovation capacity, economic output, and even its international “discursive power” (话语权), and arguing that the window for gradualism is closing.

Other prominent voices in China’s pronatalist debate, such as Huang Wenzheng (黄文政) and Liang Jianzhang (梁建章), also sit on the more alarmist side. In a separate article, they argue that the long-run national impact of ultra-low fertility “far exceeds that of war and economic crisis”. They also advocate a radical package of fiscal incentives, arguing that spending might need to rise as high as 10%—or even 20%—of GDP.

Zhang’s speech, however, is especially interesting because it largely sidelines the popular idea of fiscal incentives. It belongs to the more “socio-cultural levers” camp in the demography debate, focusing on disincentives rooted in China’s high-pressure education system. In doing so, she borrows the term “involution” (内卷), which readers will recognise from debates on overcapacity, to describe wasteful, zero-sum competition in China’s education and employment system.

Zhang’s speech also stands out for its rare call for China to consider immigration—a topic she herself notes is acutely sensitive.

— Jacob Mardell

Key Points

China’s demographic decline is accelerating. After three consecutive years of population contraction, the total fertility rate has fallen from 1.3 to 1.01 in just three years—a decline that took South ...