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Almost all developed nations have a low birth-rate and so it seems like China is just following that trend.

It's quite interesting to consider why that is the case, maybe, it is a psychological thing that people in well-developed nations value material goods more instead of the security of having more children or maybe it is the high cost of child-rearing which is turning-off couples from having more children.

Multiple childbirth is a good strategy for agriculturally dominated industry and piecerate or low value labour.

Once you have a burgeoning middle class, preference academic and industrial high value trained labour, birthrate drops.

Additionally reducing childhood mortality from malnutrition and disease reduces childbirth rate because "you don't need a backup plan" as much.

It's been seen worldwide. Africa is next. Fix malaria, malnutrition and diseases of dirty water and lack of sanitation, the birthrate drops. India is already there.