Final answer:
Parents in China are hesitant to have more children due to economic and cultural factors, which may result in a shrinking workforce and an aging population, posing future economic challenges.
Step-by-step explanation:
Despite the abolition of the One-Child Policy in 2015, many parents in China are reluctant to have more children due to socioeconomic factors such as the high cost of living and the intense competition for educational resources. Additionally, cultural shifts and personal preferences have resulted in a continued preference for smaller family sizes. Long-term effects on the population could include a shrinking workforce and an aging population, potentially leading to economic challenges and a strain on social services.