The number of people in the world’s second-largest economy fell for a second year by over 2 million to 1.41 billion in 2023, according to data released by the National Statistics Bureau on Wednesday. The drop more than doubled that in 2022, when the Chinese population shrank for the first time since 1961, the final year of the Great Famine under former leader Mao Zedong. A total of 9.02 million babies were born in 2023, the lowest since the founding of the People’s Republic of China in 1949. Deaths rose to 11.1 million, almost 700,000 more than the previous year and the highest since 1960. The bureau doesn’t break down deaths by cause, but Covid-related fatalities likely contributed to the rise after authorities abruptly ended strict pandemic curbs in December 2022 and led to an explosion of infections.
- Date Posted:
- January 16, 2024
Fed officials have two related but distinct objectives. First, they want the central bank to hold fewer bonds (especially mortgage bonds), because they believe that the size and composition of the Fed’s portfolio affects how everyone else prices risky assets.At the same time, Fed officials also want to reduce the supply of reserves in the banking system independent of what happens to the asset side of the balance sheet. This is why they say they want reserves to be “ample” rather than “abundant”. The problem is that these aggregate estimates may overstate the “ampleness” of reserves because they ignore issues of distribution. Stress could show up even when reserves levels seem “ample” if those reserves are concentrated in a few institutions and cannot easily be lent or otherwise transferred to other banks that might need them to make payments or cover deposit outflows.