Declining marriage rate in China sparks concerns over fewer births and growing retiree population
High costs that accompany taking care of children have made many women and men develop disdain for marriage
In the first quarter of the year 2024, China noted an 8.2% drop in the marriage rate in China when compared to the same period in the previous year. As for marriages, 1,969,000 new marriages were recorded during January and March, while in January and March 2023, there were 2,147,000. This decline presents a huge challenge to the world’s second-largest economy in terms of supporting its workforce.
China is already in a situation where birth rates are decreasing, the population is gradually decreasing, and the number of pensioners is growing. This means that with so many people opting for single motherhood, the birth rate will continue to fall. This trend presents a worrying sign for China since it remains a manufacturing hub that needs many employees to support its booming economy.
Statistics from 2023 indicated a 12% increase in registered marriages compared to the year 2022 in China. However, a rapid increase was again recorded after COVID-19 compelled the countries to establish strict lockdowns in the year 2022. Natixis Corporate and Investment Bank senior economist Gary Ng said that the consistent annual decrease in marriage rates is “unavoidable” because of the new generation’s insights regarding marriage.
In like manner, the high costs that accompany taking care of children have made many women and men develop disdain for marriage. However, divorce rates have also increased in China, says the South China Morning Post.
“The general consensus among economists is that if the age imbalance goes haywire, that’s something you worry about,” said James Chin, a professor of Asian studies. The burden of pension obligations is also increasing. A major state pension fund is projected to run out of money by 2035 due to the rising number of retirees.
Another social cost is pensions; this burden is also growing. The consequence of an increase in the rate of the aging population is vast: one of the largest state pension funds is expected to be exhausted in 2035.
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