Policy change not enough to address shrinking workforces

It's official. China has put an end to its strict family planning policy which allowed most of the couples to have only one child. From Jan 1, all couples can have two children.

But a policy change will not be enough to address China's pressing demographic challenge. One clear lesson from across Asia is that as countries grow wealthier, more of their citizens delay having children, or any child at all, in order to focus on their careers and other goals.

The pressures behind the policy change by China are clear. The country now faces a slowing economy, a rapidly aging population and a dramatically shrinking workforce. While its population is nearly 1.37 billion, its working-age population - defined as 15 - to 64-year-olds - is dropping. And this, along with other demographics, now constrains China's once rapid growth.