Discuss the "one child per family" policy implemented in China. Why did it need to be overturned?

In 1980, the Chinese authorities instituted a "one child per family" law that imposed fines, removed social benefits, and in some cases forced abortions on any family that had, or attempted to have, more than one child. At first it seemed to work since there was a big increase in living standards that accompanied China's subsequent economic boom. But by 2012, China's labor force was declining, and a situation developed in that too few workers would be paying taxes to support too many retirees. The law was eliminated in 2015 in hopes of encouraging families to have more than one child.