The One-Child Policy Supercharged China’s Economic Miracle. Now It’s Paying the Price.
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,694,137 (+0.07%)       Melbourne $1,032,352 (+0.13%)       Brisbane $1,180,671 (-0.55%)       Adelaide $1,049,309 (+0.70%)       Perth $1,084,212 (-0.24%)       Hobart $845,475 (+2.08%)       Darwin $854,475 (-0.20%)       Canberra $977,295 (-0.45%)       National Capitals $1,147,803 (+0.05%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $794,556 (+0.48%)       Melbourne $547,365 (+0.09%)       Brisbane $754,072 (-0.37%)       Adelaide $572,519 (-0.29%)       Perth $640,628 (-0.82%)       Hobart $573,985 (-0.37%)       Darwin $470,510 (+2.22%)       Canberra $476,938 (-0.38%)       National Capitals $624,365 (-0.05%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 14,033 (+82)       Melbourne 16,031 (+18)       Brisbane 9,761 (+19)       Adelaide 3,349 (+15)       Perth 8,242 (+9)       Hobart 702 (-12)       Darwin 168 (+1)       Canberra 1,163 (-6)       National Capitals 53,449 (+126)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,492 (+86)       Melbourne 6,692 (-44)       Brisbane 2,164 (+15)       Adelaide 575 (-4)       Perth 1,586 (+4)       Hobart 156 (-4)       Darwin 206 (-23)       Canberra 1,237 (-1)       National Capitals 22,108 (+29)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $880 (+$5)       Melbourne $620 ($0)       Brisbane $703 (-$8)       Adelaide $660 ($0)       Perth $750 ($0)       Hobart $620 (-$5)       Darwin $838 (+$8)       Canberra $730 (-$5)       National Capitals $736 (+$)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $840 ($0)       Melbourne $630 (+$60)       Brisbane $670 (-$10)       Adelaide $550 ($0)       Perth $700 ($0)       Hobart $520 (-$30)       Darwin $655 (+$5)       Canberra $590 ($0)       National Capitals $658 (+$3)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,137 (-310)       Melbourne 7,411 (+17)       Brisbane 3,549 (+4)       Adelaide 1,283 (-27)       Perth 2,180 (-40)       Hobart 240 (+17)       Darwin 52 (+3)       Canberra 471 (-1)       National Capitals 21,323 (-337)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,130 (-68)       Melbourne 6,144 (-2,264)       Brisbane 1,981 (+9)       Adelaide 436 (+26)       Perth 732 (-32)       Hobart 67 (-13)       Darwin 112 (+5)       Canberra 769 (0)       National Capitals 20,371 (-2,337)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.70% (↑)        Melbourne 3.12% (↓)       Brisbane 3.09% (↓)       Adelaide 3.27% (↓)     Perth 3.60% (↑)        Hobart 3.81% (↓)     Darwin 5.10% (↑)        Canberra 3.88% (↓)       National Capitals 3.33% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.50% (↓)     Melbourne 5.99% (↑)        Brisbane 4.62% (↓)     Adelaide 5.00% (↑)      Perth 5.68% (↑)        Hobart 4.71% (↓)       Darwin 7.24% (↓)     Canberra 6.43% (↑)      National Capitals 5.48% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 35.5 (↓)       Melbourne 34.2 (↓)       Brisbane 37.6 (↓)     Adelaide 30.4 (↑)      Perth 44.4 (↑)        Hobart 29.0 (↓)       Darwin 27.9 (↓)     Canberra 35.1 (↑)        National Capitals 34.3 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 34.1 (↑)      Melbourne 33.0 (↑)      Brisbane 37.2 (↑)      Adelaide 29.9 (↑)        Perth 42.1 (↓)       Hobart 30.2 (↓)     Darwin 48.2 (↑)        Canberra 39.1 (↓)     National Capitals 36.7 (↑)            
Share Button

The One-Child Policy Supercharged China’s Economic Miracle. Now It’s Paying the Price.

Revised U.N. data shows the speed of China’s aging after it accelerated its ‘demographic dividend’

By LIYAN QI
Sat, Jul 13, 2024 7:00amGrey Clock 5 min

When China launched its one-child policy more than four decades ago, it sped up an evolution toward smaller family sizes that would have happened more gradually.

The policy supercharged the country’s workforce: By caring for fewer children, young people could be more productive and put aside more money. For years, just as China was opening its economy, the share of working-age Chinese grew faster than the parts of the population that didn’t work. That was a big factor in China’s economic miracle.

There was a price and China is now paying it. Limiting births then means fewer workers now, and fewer women to give birth. A United Nations forecast published Thursday shows how quickly China is aging, a demographic crunch that the U.N. predicts will cut China’s population by more than half by the end of the century.

In the late 1970s, China’s leaders feared a population explosion that would drain the country’s resources. When Deng Xiaoping rolled out the one-child policy nationwide in 1980, he said, “We must do this. Otherwise, our economy cannot be developed well.”

A young population has helped drive economic growth in developing countries across the world, including in China’s neighbor Japan starting in the 1950s. Economists call it a demographic dividend—the window, generally of a few decades, when a country has far more working-age people than young and elderly dependents. As such countries grow wealthier, people naturally choose to have fewer children and the population starts to age.

That was also the trajectory in China—just faster.

Knowingly or not, China essentially borrowed from its own future by accelerating its so-called demographic window. How the effects of the policy have sped up China’s demographic bind is scrambling the long-term models demographers usually work with.

“The challenge with China is that from one year to another the situation can change quite fast,” said Patrick Gerland , head of the U.N.’s population estimates and projection section. “Within the last decade, the changes have been very big, both in policy and in the numbers.”

For example, in its just-published global estimates, the U.N. expects China’s population to drop from 1.4 billion today to 639 million by 2100, a much steeper drop than the 766.7 million it predicted just two years ago.

Even so, the U.N.’s prediction looks optimistic compared with other estimates. Researchers from Victoria University in Australia and the Shanghai Academy of Social Sciences have predicted that China will have just 525 million people by the end of the century.

It is impossible to say what China’s population trajectory would have been without the one-child policy. But a comparison with a broad group of other countries gives a clue.

Research by U.N. demographers illustrates how China’s demographic window opened faster and more sharply than in other “less developed” countries, and then closed equally quickly. The population of Chinese aged 20-64—the age when people are most likely to work—grew faster than children and the elderly in the years after the one-child policy was implemented. Before the policy ended, the trajectories had already reversed.

The broader group of other countries shows a smoother ride with the demographic window lasting well into the 2040s.

With China’s opening to the West, it became the world’s factory floor with millions of young people determined to work their way out of poverty. For most of the next decades, Chinese growth topped double-digit percentages.

The optimism was on full display during the 2008 Beijing Summer Olympic Games. When the global financial crisis hit soon after, China kept growth humming and was credited with helping to save the global economy. A few years later, China overtook Japan as the world’s No. 2 economy .

But by 2013, China’s demographic dividend was largely over, according to research by Andrew Mason , an emeritus professor of economics at the University of Hawaii, and Wang Feng , a sociology professor at the University of California, Irvine.

Now, slowing economic growth and demographic changes feed off each other for a gloomy outlook.

“People always count on the [Chinese] government to do more to prop up the economy but the reality is that there’s not a lot the government can do,” Wang said.

Over the next decades, China’s population is likely to show a contrast from, say, India, where the age distribution is following a more natural progression, or the U.S., where immigrant inflows help counteract the aging of the population.

By the end of the century, the U.S. population will be about two-thirds of China’s, compared with less than a quarter now, according to the U.N.’s latest projections. And by then, India, which has overtaken China as the world’s most populous country , will have more than twice as many people as China.

The real demographic impact in China won’t fully hit until the middle of the century, when many of those born during the one-child policy will reach retirement—while still caring for aging parents, said Wang.

By 2050, the U.N. now projects 31% of Chinese will be 65 or older. By 2100, the share will be 46%, approaching half of the population. In the U.S., the share is expected to be 23% and 28%, respectively.

The U.N.’s revised forecasts see Chinese births dropping below nine million this year. In 2022, it had predicted that 10.6 million would be born in China in 2024. The U.N. now expects China will have only 3.1 million newborns a year by 2100.

Not only are there fewer women to give birth these days, but many young women, mindful of their mothers’ suffering during the one-child policy, are less interested in marriage and children , driving down the fertility rate.

As births slip, China’s elderly population is ballooning.

China expects a glut of more than 40 million new retirees—more than the population of Canada—over the five-year period ending in 2025.

The old-age support ratio, a rough indicator of the number of workers for each retiree used by the Organization for Economic Cooperation and Development, is projected to decline from more than four now to fewer than two in 2050, according to The Wall Street Journal’s calculations of the U.N.’s latest data. It will likely reach one worker per retiree by the end of the century.

In reality, due to China’s low retirement age , with women clocking out as early as 50 and men at 60, the support ratio could be even lower.

Beijing as well as demographers and sociologists have said a highly educated population and the advancement of technology such as artificial intelligence, could help China weather such shocks, as more jobs will be automated.

The U.N.’s Gerland said that while the one-child policy was the main demographic event in recent decades, the waxing and waning in different Chinese age groups also reflect tumultuous periods in China’s past, such as the Cultural Revolution and Great Leap Forward, which had substantial demographic impact on the size of the various cohorts born during these years.

“Because of China’s history, the population is going to carry over some of these memories of the past and it will take many generations for all of these past stories to be forgotten,” he said.



MOST POPULAR

Porsche has revealed a one-off 911 GT2 RS that brings the extraordinary silhouette of its 935/78 “Moby Dick” racing car onto the road. Created by Porsche Sonderwunsch with Manthey, the commission began with a near-new GT2 RS. The owner requested greater performance, a Slantnose profile and a rear wing influenced by the limited 911 GT3 …

The 1860s Darlinghurst mansion Stoneleigh could become Sydney’s most expensive home ever sold under the hammer when it goes to auction. Clint Ballard is giving buyers a $28 million guide for the heritage-listed mansion on Darley Street, opposite Iona, the former home of Hollywood royalty Baz Luhrmann. Stoneleigh is being offered for sale for the …

Related Stories
Money
Wall Street Is Counting on Nvidia to Keep the AI Party Going
By David Uberti and Krystal Hur 24/08/2026
Money
China Is Opening the First Regular Cargo Route Through the Arctic
By 18/08/2026
Money
Central Banks Are Stuck in a Rinse-and-Repeat Cycle of Crises
By James Mackintosh 17/08/2026
Wall Street Is Counting on Nvidia to Keep the AI Party Going

Nvidia’s earnings will test Wall Street’s confidence in the AI boom.

By David Uberti and Krystal Hur
Mon, Aug 24, 2026 3 min

Chip makers are fighting to assure investors that the artificial-intelligence boom is racing forward. Wall Street might not believe it until Nvidia’s NVDA -0.98%decrease; down pointing triangle Jensen Huang says so.

When Huang steps up to the mic for his company’s earnings call Wednesday, he will have the world’s attention. What he says about Nvidia’s present will preview the future of AI, dictate the path forward for a tech-crazed stock market and influence an American economy increasingly tethered to hopes that the boom won’t go bust.

The $5 trillion chip maker has provided the key building blocks for AI since the launch of ChatGPT in 2022 set off a race for dominance among OpenAI, Anthropic and established Silicon Valley giants. Now, as Nvidia backstops sprawling data-center projects and an exotic money pipeline to boost chip demand, the company’s influence is arguably bigger than ever.

But there are signs of trouble ahead. Political pushback to AI is growing. A bond selloff propelled borrowing costs to their highest levels in years. The hyperscalers that include some of Nvidia’s key customers—once cash-printing machines—are relying more on debt. OpenAI recently told investors its revenue rose by a tepid 18% in the second quarter while its losses deepened.

Nvidia is increasingly stepping in to shore up potential weak points across the market. Earlier this month, the company teamed up with six of Wall Street’s biggest firms on a $500 billion AI-financing plan, pledging to backstop lending to customers that can’t afford its chips otherwise. The chip maker last week also took a stake in Cloverleaf Infrastructure, which arranges power for data centers, and struck a $6 billion deal with startup Poolside aimed at developing a powerful open-weight AI model.

After watching shares in other chip makers and the so-called Magnificent Seven tech companies swing wildly in recent months, Wall Street is hoping Nvidia can beat expectations—again. The countdown is on.

“It’s kind of becoming more and more like the World Cup final than the Super Bowl at this point,” said Brian Mulberry, chief market strategist at Zacks Investment Management. “It’s just gotten to be that big.”

The company has smashed analysts’ earnings estimates for each of the 14 quarters since the AI boom kicked into high gear. Nvidia posted 210% annual growth in net income in its last three-month period, according to FactSet, making Wall Street’s 126% projection look pedestrian.

Expectations for a blowout second quarter have risen rapidly over the course of this year. All Nvidia will have to do to beat this target: outrun 95% annual earnings growth to more than $51.5 billion. Analysts project the chip maker will report record sales of $92 billion for the period, up from a forecast of $78 billion at the start of this year.

In July, big-tech earnings sparked volatility. Concerns about runaway capital spending spread across the sector after Alphabet’s and Tesla’s results, driving a $890 billion wipeout that contributed to the unwind of hedge fund Situational Awareness. Microsoft posted the largest one-day gain in market capitalization by any company, ever, after a quarter proving that it could still show investors the money. SpaceX rocketed higher after a record-breaking initial public offering, only to see $1 trillion in value evaporate.

Surging memory prices and borrowing costs have fueled fears that those and other companies will be unable to keep plowing more money into supplies including Nvidia chips. Shaia Hosseinzadeh, founder of OnyxPoint Global Management, has recently bought dips in AI-infrastructure stocks when Wall Street has strained to absorb massive debt issued by Silicon Valley.

“The macro data is really quite robust,” he said. “Of course, there’s a level at which everything breaks.”

Investors have kept pumping money into the AI trade despite concerns around chip consumers—and to the benefit of chip producers. That is why Nvidia’s outlook for semiconductor demand could send ripples through counterparts such as Micron Technology and Sandisk, developers of the data centers in which their chips reside, and a supply chain of power producers, contractors and other specialists that underpin the globe-spanning AI build-out.

“We joke internally that we’re all Nvidia analysts now,” said David Lefkowitz, head of U.S. equities at UBS Global Wealth Management.

The irony is that investors have tended to sell Nvidia stock immediately after blockbuster earnings, with shares falling each trading session after its four past quarterly reports. Some are betting that will be the case this time around, too.

The options market is pricing in a 5.3% swing, higher or lower, in Nvidia shares during the session following earnings, according to Option Research & Technology Services. That is higher than the 4.8% average move in Nvidia’s stock over the last 12 months after the company reports quarterly results.

In recent days, some of the most actively traded Nvidia options have been put contracts tied to the stock falling from its Friday value of $214.75 to $205 and $210 apiece, according to Cboe Global Markets data. Put options give the right to sell a stock by a set price and typically represent a bearish wager.

Many analysts remain optimistic. Frank Lee, global head of tech hardware and semiconductor research at HSBC Global Investment Research, recently raised his price target for Nvidia shares to $360 from $325, citing, among other things, Nvidia’s strategic partnerships with suppliers and its role as a top contributor to open-source AI.

MOST POPULAR

Wealthy Aussies are swapping large family homes for high-end apartments, with sales of prestige units tripling over the past decade.

In the lead-up to the country’s biggest dog show, a third-generation handler prepares a gaggle of premier canines vying for the top prize.

Related Stories
Lifestyle
Can the Beckhams’ Brand Survive Their Family Feud?
By SAM SCHUBE & CHAVIE LIEBER 22/01/2026
Travel
Top Maldives resort launches immersive fine dining voyage inspired by the Age of Discovery
By Jeni O'Dowd 29/05/2026
Property
Island Icon With Architectural Pedigree
By Kirsten Craze 10/04/2026
0
    Your Cart
    Your cart is emptyReturn to Shop