Consumption still seems to be increasing though. 

The population is shrinking but it's not disappearing and it's also becoming much richer. 

You could probably wipe out 90% of the Chinese population and still consume more than the rest of the world combined.
 

 The question isn't whether they are consuming something. It's whether they're consuming as much of the somethings being exported. 

 Wealthier people tend to consume more services and fewer goods.