On Monday, China announced that it will allow married couples to have a maximum of three children, as it battles with a worsening demographic aka too many boomers. The 2020 consensus data showed a sharp increase in the old population (60 years and older) which went from 13.3% in 2010 to 18.7% in 2020.
China has slightly unusual family planning policies compared to other countries that focus on providing contraceptive options, and instead sets a limit on the number of births parents can have. From 1979 – 2015, China had a 1-child policy. In 2015, China allowed couples to have up to 2 children, and now in 6 years has made the move to allow 3 children.
China also announced that it would gradually raise the national retirement age and invest in its senior population (whatever the hell that means). China has a really low retirement age: 60 for men and 50 for women. (Kamala Harris would have been retired 6 years ago) Increasing the retirement age could have a negative impact on child-bearing though. Many parents today only had children because they could rely on their retired parents to take care of their grandchildren.
Short Squeez Takeaway: Data from other countries shows that once birthrate is on a downward trend, it's hard to reverse. Most people in China are not having more children because they are restricted but actually because it's expensive af to have children. Unless China incentivizes people (maybe something like the million dollar vaccine lottery?) to have more than two children, it probably ain't gonna happen.