It is a huge story with profound impact for our economy and relationship with China.
I first became aware of it awhile back in late 2021. It was barely a mention by a particular demographer, though, so I didn't really follow it until this year in August, when I heard him discuss it in detail. I was taken aback by the implications and how China is actually pretty much trapped into this situation which is of their own making. I can understand why China limited population, though, because I recall the discussions of population back at that time.
The big reason we in the US are not particularly affected is immigration is replacing the people to work in our economy. We have tried to become a society that gives everyone an equal chance, even though that is being discouraged by MAGATs, who don't seem to understand the economic impact despite explaining it to them like they're five years old.
The demographer from whom I heard this information is Kenneth Gronbach. He is best known for predicting why motorcycle sales took a steep dive. I heard about him when I was in marketing.