Despite putting an end to its decades-long one-child policy, China's working-age population may fall by more than 23 percent to about 700 million by 2050 from the present 910 million, according to a senior official on Friday.

Li Zhong, Ministry of the Human Resources and Social Security, revealed that since 2012 there has been a declining growth in China's working-age population, defined as those between 16 and 59 years old. The figure is soon to "experience a process of sharp decline," Li said, estimating a decrease at an average of 7.6 million annually.

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In 2015, the country's working-age population declined by 4.87 million to 910.96 million, an increase from the previous year's 3.71 million, based on the figures from the National Bureau of Statistics.

"Over the long term, macro-level data analysis shows that we must focus on the development of human resources as a whole, and study how to more fully and more efficiently make use of labor resources," Li said.

China is facing deep demographic challenges. It now has an estimated 220 million people over 60 years old, accounting for more than 16 percent of the total population. Last year, China saw its slowest economic growth in 25 years, posting a mere 6.9 percent increase. Its declining working population has heightened the challenges brought by sluggish economic growth, GMA News reported.

Meanwhile, China is planning to delay retirement age. Li noted it would have "limited" impact on employment for younger people.

Tagschina, working population, Workforce, One Child Policy, employment