As the new year begins, it's worth taking a look at one of China's major policy decisions in its efforts to address a slowing economy and a growing demographic challenge.

That is China's putting an end to its highly contentious "one-child policy," dating to the late 1970s. As of Jan. 1, all Chinese couples are now allowed to have two children.

The pressures leading to the policy change are clear. The change was "intended to balance population development and address the challenge of an aging population," the official Xinhua news agency reported.