Not to continue this digression too much but don't forget Buddhism and Daoism, these together with Confucianism and folk beliefs are part of a whole mixture that can strengthen support for "traditional values", more specifically in this case valuing having your own - slightly larger - family and caring for your extended family and society.Aside from already discussed economic issues of being overworked and lack availability for housing and too much competitiveness for jobs and educations, China should also examine a return to traditional values. You can love or hate religion but they tend to provide high fertility rates compared to more their secular peers. I'm not saying we should reject modernity but we should definitely encourage social values like respecting your elders and caring for the home and family especially when China is expected to be overtaken by demographic imbalance of older people.
For China it would be Confucian values (though I'll admit it can be somewhat backwards) but they do encourage marriage and kids which contrasts to Western liberalism that proclaims the self is above all else included the family and society. If every guy or girl excepts to marry a beauty or rich and successful then they will hold off relationships because they believe they can do better despite having unrealistic expectations of life and relationships. This is what happening to Japan, S. Korea and increasingly the West which are fixed with idols, waifus and influencers who are not representative of real life but sell a fantasy in which the masses become disconnected and weak-minded. As a Millennial, I'm certainly guilty of this but at the same time I recognize the corrosive effect it has on me and my social life too.