While I do somewhat agree with you, you’re still left with a
populace drastically smaller than it had been.
Even then, you’re still left with a high median age, unless
you kill off a massive portion of your populace.
The one child policy left them in serious trouble, and I’m
not sure your idea really works. It may. At what cost?
China could kill 2/3 of their population, and still have a lower population density than the USA. Their population outstrips their natural resources, and is nearly impossible to manage. Previously, their population WAS their primary natural resource, now it is too old to be productive. Of course, this is placing an artificial limit of their current borders. There is a lot of land and natural resources surrounding them with low population density, ripe for expansion. Mongolia, Kazakhstan, Russia, Afghanistan, Tajikistan, Kyrgyzstan...
Still, I'm not sure even the CCP would go so far as killing off their elderly and unproductive, and they probably couldn't survive the fallout.