I’m aware of the racism issue, I even observed it myself in China, even many years ago.
But i’ve also seen similar problems in other corners of the world. Such cultural concepts can change slowly, as they did over here.
Anyway, I doubt this would dissuade people trying to connect what will become the world’s main supply of surplus young labour, with the world’s greatest demand for care-services, combined with spare apartments, money, and a milder climate. Not saying it’s good or bad, just trying to anticipate future changes.
Your first sentence is correct. But if you look at the historical data, the sharpest drop in chinese fertility rate was several years before they introduced the one-child policy, which also ended several years ago without apparently making any difference. Also, fertility rates in Taiwan, South Korea, Japan are even lower. As these rates are also lower than europe, that maybe related more to housing affordability and density, possibly combined with some common evolution of ‘eastern’ values.