With birth rates tumbling in China, the baby care market is an unlikely source of growth for Procter & Gamble. The company has moved upmarket with premium products, a strategy that's working wonders.

China's birth rate was 5.6 births per 1,000 people in 2025, down nearly 13% from 2023. With just 7.9 million babies born last year, China's fertility crisis is only getting worse. For comparison, the ...