Last year, a total 10.035 million of newborns were recorded in the household registration system, known as hukou in China, down from 11.79 million in 2019, according to figures released by the Ministry of Public Security on Monday.
The figure is not China’s official birth rate for 2020 as the hukou system does not include the entire population, but adds to data released by some Chinese provinces for last year, which showed in some regions that birth rates declined more than 30% in 2020 from a year earlier.
The decline in newborns highlights the magnitude of the problems that come with a rapidly aging population, including a shortage of workforce and additional pressures placed on the pension and health care systems.
Demography has always an impact on asset prices.