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China's fertility rate drops to record low 1.09 in 2022
(www.reuters.com)
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Really your only answers are going to be based in economics.
A society can absolutely thrive with a 1:1 ratio, but not built around a capitalistic mindset. Quite frankly China's probably the best person to have this problem and they ignore the whims of capitalism for their countries residents quite often.
Possible non-economic considerations could be not having enough people to build a military and lack of cultural exportation. Both of which China doesn't really have any problems with.