The Boomers running China often have harems of 18 mistresses. They don't actually want to solve the problem of hypergamous, feminist women refusing to settle for ordinary Chinese men. So all of their birth rate "solutions" are Elon Musk-style incentives for young women, and punishments for young men. Reminder: The way to raise the fertility rate is to punish women, take money and status from women, provide money and status to young men. The women and old men running civilization generally don't want to do this, because it requires a short-term personal cost for a long-term diffused social reward. Old men would much rather have rotational harems and watch the world burn. Monkey brain primal intrasexual competition.
China is cooked.
Even with extreme authoritarianism, banning video games, banning incel content, banning porn, banning everything, controlling social media, promoting natalism... 49% of Chinese women don't want kids.
That number is only going up.