China, which is facing a declining population crisis, will soon have more animals than children. According to a report by Goldman Sachs report, China’s urban pet population will surpass the number of children under four years of age by the end of the year as the trend of keeping pets instead of having children is increasing here. The report released says that after decades of a one-child policy, China’s population is aging rapidly and its workforce is shrinking.
A study conducted by the Young Population Research Institute found that China is the most expensive country in terms of raising a child, with the highest cost in the world to raise a child, followed by Australia and France. The Chinese government ended the one-child policy in 2016 and later relaxed birth restrictions to allow three children in 2021.
Now China is struggling to increase the birth rate. Hansen, 36, and Momo, 35, are avoiding having children and instead prefer to keep pets. Like them, getting pets is becoming a common trend among many other Chinese couples.
A Goldman Sachs report predicts that by the end of the year, the number of pets in urban areas of China will exceed the number of children under the age of four. This has come to light after the increasing demand for pet food. Goldman Sachs estimates that by 2030, urban China’s pet population will be almost double the number of children under four years of age across the country.
This estimate is only for urban areas and if rural areas are included, the total number of pets will be even higher. According to Goldman Sachs, there has been a tremendous craze of keeping pets among China’s young population. The younger generation is no longer giving priority to marriage and having children as a means of continuing the family lineage. According to the report, the demand for pet food is growing rapidly in China, with sales growing 16 percent annually from 2017 to 2023 to reach $7 billion. And pet food could become a $15 billion industry in China in the next six years.
Until 20 years ago, keeping pets in China was considered a luxury of the rich and mixed breed dogs were valued mainly as guard animals. China’s birth rate is also expected to fall by 4.2 percent annually from 2022 to 2030. This is attributed to the declining population of women aged 20-35 and the increasing trend among young people to delay or not have children. Rising inflation and economic uncertainty are preventing many Chinese couples from having children.
According to CNN, the world’s second-largest economy is facing challenges ranging from high youth unemployment to a long-running property crisis. ( PLC & GT )
