China Is Pressing Women to Have More Babies. Many Are Saying No.
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China Is Pressing Women to Have More Babies. Many Are Saying No.

The population, now around 1.4 billion, is likely to drop to around half a billion by 2100—and women are being blamed

By LIYAN QI
Wed, Jan 3, 2024 8:53amGrey Clock 7 min

Chinese women have had it. Their response to Beijing’s demands for more children? No.

Fed up with government harassment and wary of the sacrifices of child-rearing, many young women are putting themselves ahead of what Beijing and their families want. Their refusal has set off a crisis for the Communist Party, which desperately needs more babies to rejuvenate China’s ageing population.

With the number of babies in free fall—fewer than 10 million were born in 2022, compared with around 16 million in 2012—China is headed toward a demographic collapse. China’s population, now around 1.4 billion, is likely to drop to just around half a billion by 2100, according to some projections. Women are taking the blame.

In October, Chinese Leader Xi Jinping urged the state-backed All-China Women’s Federation to “prevent and resolve risks in the women’s field,” according to an official account of the speech.

“It’s clear that he was not talking about risks faced by women but considering women as a major threat to social stability,” said Clyde Yicheng Wang, an assistant professor of politics at Washington and Lee University who studies Chinese government propaganda.

The State Council, China’s top government body, didn’t respond to questions about Beijing’s population policies.

Party lectures on “family values” are having little effect, even in rural parts of China.

Outside a mall in Quanjiao, a county in Anhui province, He Yanjing, a mother of two, said she has gotten several calls from community officials to encourage her to have a third child. She has no such plans. The preschool her son attended cut the number of classrooms in half because there aren’t enough children to fill them, she said.

Her friend, Feng Chenchen, the mother of a 3-year-old girl, said relatives are pressuring her to have more children, hoping she has a baby boy.

“Having had one child, I think I’ve done my duty,” Feng said. A second child, she said, would be too expensive. She said she tells relatives, “I can have another kid as long as you give me 300,000 yuan,” around $41,000.

Many young people in China, disheartened by a weak economy and high unemployment, seek alternatives to their parents’ lives. Many women view the prescribed formula of marriage and children as a raw deal.

Molly Chen, 28 years old, said the demands of caring for ageing relatives and her job as an exhibition designer in Shenzhen leave no room for kids or a husband. All she wants to do in her free moments is read or scroll through pet videos.

Chen followed the story of Su Min, a retiree who video-blogged about her solo road trip around China to escape a bad marriage. Chen said that the story, as well as online videos that women post about their lives, have deepened her impression that many men choose wives mostly as caretakers—for children, husbands and both sets of aging parents.

She lamented that she doesn’t have time even for a pet. “I can’t afford to take care of anything else outside of my parents and work,” Chen said.

Shrinkage

When Beijing said it would abolish its 35-year-old one-child policy in 2015, officials expected a baby boom. Instead, they got a baby bust.

New maternity wards were built only to close a few years later. Sales of baby-care products, including formula and diapers, have dropped. Businesses that focused on babies now target seniors.

New preschools built to make child-rearing more affordable struggle to fill classrooms and many have closed. In 2022, the number of preschools in China fell 2%, the first decline in 15 years.

Demographers and researchers predict that data will show Chinese births dipping below 9 million in 2023. The United Nations forecasts 23 million births in India, which in 2023 passed China as the world’s most populous country. The U.S. will have around 3.7 million babies born in 2023, the U.N. estimated.

The one-child policy brought much of China’s demographic gloom: There are fewer young people than in the past, including millions fewer women of childbearing age every year. Those women are increasingly reluctant to marry and have children, accelerating the population decline.

In China, 6.8 million couples registered marriages in 2022, compared with 13 million in 2013. The country’s total fertility rate in 2022—the average number of babies a woman has in her lifetime—is approaching one birth per woman, or 1.09. In 2020, it was 1.30, well below the 2.1 needed to keep a population stable.

The campaign for a “birth-friendly culture” has taken on the tone of an urgent national mission, with government-organised matchmaking events and a program encouraging military families to have more babies.

“Soldiers win battles. When it comes to giving birth to second or third children and implementing the national fertility policy, we are also taking the lead and charging to the front,” Zeng Jian, a top obstetrician-gynaecologist at a military hospital in Tianjin, told state media in 2022.

In August, residents of the western city of Xi’an said they received an automated greeting from a government number during the Qixi Festival, the Chinese equivalent of Valentine’s Day: “Wishing you sweet love and marriage at an appropriate age. Let’s extend the Chinese bloodline.”

The message drew a backlash on social media. “My mother-in-law doesn’t even push me to have a second child,” one person wrote. “I guess next, arranged marriages will come back,” another commented.

Beijing leans more to encouragement than the kind of coercion that marked the one-child policy. Local governments offer cash incentives for couples having a second or third child. A county in Zhejiang province gives a $137 cash bonus to every couple getting married before age 25.

In 2021, the city of Luanzhou asked unmarried people to sign up for a government-sponsored dating initiative that uses big data to find matches citywide. A district in the city of Handan provides a one-stop wedding-planning service.

Hide and seek

The shift means some women have gone from trying to dodge punishment for having too many children to being hounded to have more.

A decade ago, a woman surnamed Zhang was in a cat-and-mouse game with authorities after she decided to have a second child. She asked that her first name not be used.

While pregnant, she left her job to stay out of public view, fearful officials would pressure her to have an abortion, she said. After giving birth, in 2014, she stayed with relatives for a year. When she returned home, local family-planning officials fined her and her husband around $10,000. She said she was forced to have an intrauterine device implanted to prevent pregnancy. Authorities required her to have it checked every three months.

Months later, the Chinese government announced the one-child policy would be scrapped. For a while, authorities still demanded Zhang have her IUD checked.

She now gets text messages from officials encouraging her to have more children. She deletes them in anger. “I wish they would stop tossing us around,” she said, “and leave us ordinary people alone.”

There has been a tightening of licenses for clinics offering medical procedures to block pregnancies. In 1991, the height of the one-child policy, 6 million tubal ligations and 2 million vasectomies were performed. In 2020, there were 190,000 tubal ligations and 2,600 vasectomies.

On social media, people complain that getting a vasectomy appointment is as difficult as winning the lottery.

Officials have also tried to dial back abortions, a key tool for officials during the one-child policy. They have fallen by more than a third—from more than 14 million in 1991 to just under 9 million in 2020. China has since stopped releasing data on vasectomies, tubal ligations and abortions.

Pressurised populace

Wang Feng, a sociology professor at the University of California, Irvine, said there have been two conflicting shifts in Chinese society: a rising awareness of women’s rights and increasingly patriarchal policies.

For the first time in a quarter-century, no women are among the top two dozen officials on the Politburo. Since Xi took power in 2012, China has fallen 38 places in the World Economic Forum’s Global Gender Gap Report to No. 107 in the 2023 ranking of 146 nations.

In the Mao era, the party promised to end Confucian traditions that discriminated against women. Xi has instead stressed Confucian values, including the filial duty to have children. Families also pressure women into traditional roles.

Sophy Ouyang, 40, has known since middle school she didn’t want to marry and have children. Ouyang studied computer science, one of the few women in her village to pursue advanced schooling, and works as a software engineer in Canada.

Ouyang said that throughout her 20s, her family leaned on her to marry. Her mother said that if she had known Ouyang wouldn’t have children, she would have stopped her from getting a higher education.

Ouyang cut off contact with her family more than a decade ago. She has blocked her parents, aunts and uncles on social-media apps. “If I’m a bit more gentle with them,” she said, “they will take advantage.”

The Chinese government, which sees feminism as a nefarious ideology backed by foreign forces, has detained women’s-rights activists and erased their social-media accounts in a years long crackdown.

Even so, women have become more vocal online about their experiences relating to relationships, families and work. Their posts show a personal form of feminism that is harder for authorities to police.

Simona Dai, 31, started a podcast entitled “Oh! Mama” about birth and marriage after she learned that her mother had an abortion when she was eight-and-a-half months pregnant with a girl in the early 1990s.

Dai got married when she was 26 and said she had to endure her husband’s chauvinistic views, especially during the pandemic, when they argued about household chores. She became adamant about not having children, despite pressure from the couple’s families.

She has since applied to end her marriage. “If I didn’t divorce, I might have to have a baby,” she said.

A national debate over the treatment of women erupted in early 2022, when the video of a woman—a mother of eight, kept in a shed with a chain around her neck—sparked a social-media storm. The woman’s plight resonated with Chinese women who saw a connection to their own roles.

In recent years, Beijing has raised its guard against similar instances of social-media outrage.

A woman who worked at a branch of the All-China Women’s Federation in Guangzhou from 2020 to 2021 said the branch focused on preventing gender-related topics from going viral. She said it paid more to a tech company to police social-media comments than its budget for women’s advocacy.

During training, she said, employees were warned of serious repercussions if women’s issues in Guangzhou drew unwanted social-media attention. The women’s federation didn’t respond to requests for comment.

China’s cyberspace watchdog, which polices material seen as harmful to Chinese internet users, said in December that it was targeting content “spreading wrong views on marriage.”

Some women who decided years ago against marriage and children consider themselves lucky.

Ouyang, the software engineer in Canada, said, “I feel like I’ve completely dodged a bullet.”

—Jonathan Cheng and Grace Zhu contributed to this article.



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Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.

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The AI Boom Faces Its First Serious Debt Test

Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.

By Ruba Jaajaa
Mon, Oct 19, 2026 4 min

A sharp technology sell-off has exposed a new anxiety on global markets: whether the enormous borrowing behind the artificial-intelligence infrastructure boom can generate sufficient returns as interest rates rise and Chinese competition intensifies.

The artificial-intelligence investment boom has powered technology shares, semiconductor manufacturers and data-centre operators to extraordinary heights. Last week, investors were given a reminder that much of this expansion is being built with borrowed money.

The technology-heavy Nasdaq Composite fell 4.5 per cent over the week ended October 16, its weakest performance since late June. Semiconductor shares suffered an even deeper correction, with the Philadelphia Semiconductor Index losing about 11.4 per cent.

The selling spread quickly through global markets. Micron Technology fell 14.6 per cent over the week, while South Korea’s Samsung Electronics and SK Hynix dropped approximately 18 per cent and 24 per cent respectively.

This was more than a routine bout of profit-taking. Investors were reassessing three interconnected risks: higher interest rates, the rapidly expanding debt burden attached to AI infrastructure and the prospect of stronger competition from Chinese memory-chip manufacturers.

The debt behind the AI build-out

Artificial intelligence requires a physical infrastructure network of enormous scale. Data centres must be built, advanced processors purchased, power supplies secured and cooling systems installed before customers begin generating meaningful revenue from them.

Technology companies are increasingly supplementing their own cash with corporate bonds, syndicated loans, equipment leases, private credit and project-level financing.

JPMorgan describes the emerging funding model as a combination of conventional corporate borrowing and project finance tied to individual data-centre assets. In Australia, the Reserve Bank estimates that syndicated loans accounted for approximately three-quarters of data-centre financing during 2025 and 2026 to date.

The numbers are becoming large enough to affect broader credit markets. The Federal Reserve Bank of Dallas has cited Wall Street estimates suggesting AI-related investment-grade bond issuance could approach US$300 billion in 2026 alone.

That borrowing is not automatically problematic. Debt can be an efficient way to finance long-lived infrastructure when future revenue is sufficiently predictable. The concern is that AI technology, customer demand and computing economics are changing much faster than the repayment schedules attached to the assets.

A data centre financed today may carry debt for years. Investors must therefore make assumptions about future utilisation rates, electricity prices, chip performance, customer concentration and the amount businesses will ultimately pay for AI computing.

When interest rates rise, those assumptions become less forgiving.

Inflation changes the calculation

September’s US inflation data intensified the pressure. Consumer prices increased 3.7 per cent over the year, ahead of market expectations and up from 3.4 per cent in August.

The hotter reading reduced confidence that interest rates would fall quickly and pushed bond yields higher. That matters particularly for companies whose valuations depend on profits expected well into the future, as well as highly leveraged infrastructure operators that may need to refinance.

CoreWeave has emerged as a closely watched test case. The specialist cloud-computing company has accumulated substantial debt and lease obligations to build AI capacity, while relying on a concentrated group of large technology customers.

Its shares fell sharply during the sell-off, while the cost of insuring its debt against default climbed. CoreWeave has argued that its contracted backlog more than covers its obligations and that financial markets do not always understand its business model. Nevertheless, its securities have become a proxy for investor confidence in debt-funded AI infrastructure.

Oracle, another major investor in AI computing capacity, fell 8.8 per cent in Friday trading, while CoreWeave dropped 15.5 per cent.

The question is shifting from how much AI infrastructure can be built to how profitably it can be operated.

China adds another source of pressure

Interest rates were not the only catalyst. Reports of advances by Chinese memory-chip producer ChangXin Memory Technologies raised concerns that lower-cost Chinese products could increase competition across the global semiconductor industry.

Memory chips are essential to AI systems, but the industry is historically cyclical. Periods of tight supply and high pricing can encourage rapid investment, eventually producing oversupply and falling margins.

The prospect of a well-funded Chinese competitor expanding its technological capabilities unsettled investors in Samsung, SK Hynix and Micron. It also demonstrated that AI-related demand does not insulate chipmakers from conventional competitive pressures.

That combination—slower rate cuts, more expensive financing and potentially cheaper supply—challenged the assumption that every company exposed to AI would enjoy continually expanding margins.

A reset rather than the end of the boom

The sell-off does not establish that the AI boom is ending. Demand for computing power remains strong, the largest technology companies continue to generate formidable cash flows and many infrastructure projects are backed by long-term customer contracts.

What has changed is the market’s willingness to overlook the price and financing structure of that growth.

The most resilient companies are likely to be those able to fund investment from operating cash flow, secure long-duration customers and demonstrate that new capacity will earn returns comfortably above its financing costs.

More speculative operators may face greater scrutiny, particularly where debt is expensive, customers are concentrated or expected revenue depends on demand that has not yet materialised.

For Australian investors, the lesson extends beyond US technology shares. Local data-centre operators, infrastructure funds, electricity suppliers and property groups are increasingly exposed to the same investment cycle.

Artificial intelligence may remain one of the defining growth themes of the decade. But last week’s correction showed that enthusiasm for the technology does not eliminate financial discipline.

The next stage of the AI boom will be judged not only by computing power, model performance or demand for chips, but by something more traditional: whether the assets being financed can generate enough cash to repay the money borrowed to build them.

Fact box

Nasdaq Composite: Down 4.5 per cent for the week ended October 16, 2026

Philadelphia Semiconductor Index: Down approximately 11.4 per cent

Micron Technology: Down approximately 14.6 per cent

Samsung Electronics: Down approximately 18 per cent

SK Hynix: Down approximately 24 per cent

US September inflation: 3.7 per cent annually

Estimated 2026 AI-related investment-grade issuance: Approximately US$300 billion

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