In a way, it's the reversal of 50s 60s and 70s excesses, when the crude birth rates ranged from over 40 to 20. There was no way China could sustain that expansion forever. Those cohorts entirely make up the over 65 population of 250 million or so in China right now. The contribution of this group to the Chinese nation is tremendous. Just look around to see what they have done, starting from the man, Xi. It's entirely unreasonable to replace all of them on 1 to 1 ratio. But the next ones born this decade and prior wouldn't have to start from dirt poor and they have older generations' shoulder to stand on, meaning their productivity would be many times higher than those in 60's and older cohorts when they started out in the labor force. So from the get go, I don't really buy the mantra next wave can't replace the ones exiting out. And one more thing is when Western academics and experts say things about China, you have to be extra careful, because most of the time, they'd be completely clueless and dumb as a wet board, like what they professed on China's economic development, innovation, science, so on and so forth. So will be this China demographics, no exception. TFR is a made up imaginary number. What one needs to focus on is not replacement, but sustainability, optimum size of the population, quality of life, productivity, etc. China with a population size of 1 or 1.1 billion with much much higher productivity and quality of life is a magnitude more formidable and stronger than China today.