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This isn't entirely new. Restrictions on one child policy have been around for years. As China has grown the cultural norm of one child still remains and raising children becomes more expensive.

What you want ideally is slow and steady population increase. China had a population explosion in the 20th century, doubling from 1950 at 600 million to 1.2 billion by 2000. However, in the 21st it looks to level and even decline given current aging demographics and socio-economic factors.