According to the UN data, China's 15 to 40 year old childbearing population peaked in 2005 and has been rapidly shrinking since. Since 2005, China's population capable of producing more Chinese has fallen by 83 million persons or a 14.3% decline. By 2030, China's childbearing population will have declined by 157 million or a 27% reduction of those capable of childbirth (no estimate here...this is simply moving the existing population forward in adulthood). Couple a massive decline in the childbearing population and the ongoing negative birthrate and serious depopulation (particularly among the rural regions) is not only possible but growing more likely. Minor increases in wages will be no match for the massive declines in the consumer base.
The chart below shows China's total 15 to 40 year old population (in blue) and the annual change (in red).