The decline in birth rates is a natural reaction of the people to the overly intense life.

When you are doing your utmost just to survive, you simply have no time or interest to consider having children.

China and South Korea have similarities, but South Korea is more extreme, as Chinese young people at least have a fallback; if they can't make it in big cities, they can return to their hometowns, and the social tolerance is relatively high. For young people in South Korea, if they cannot make it in Seoul, they are considered losers.

Economically, it is also quite similar, with low personal consumption, high fixed assets, and increasing foreign exchange reserves.

Perhaps both are aftershocks of the 1997 financial crisis, leading to a phobia of being cut by Wall Street, which drives them to desperately accumulate foreign exchange reserves, resulting in the aforementioned economic model.

Japan is a pioneer, but Japan's military strength is the pinnacle of this model, and the Plaza Accord caused Japan's exports to decline.

Let’s see how this round of tariff wars turns out; it may suppress China's exports, but that’s not necessarily a bad thing.

Could South Korea even gain from misfortune? But this also means that the problems are further postponed.

Until birth rates impose this hard limit.