No doubt that the one-child policy has a big impact on the Chinese birthrates (especially in the rural areas). But now, even with that policy being relaxed, many people actually opt to have just one child (or none at all) due to rising economic costs and the expense of living in many of China's metropolitan areas.
On the whole, yes, China has a lot of people right now. But lowered birthrates mean that there's going to be a future economic problem where there's a lot of older people of retirement age and a lot less younger people of working age. I think the government recognized that, and is trying to re-balance the population mix (to what degree of success, I don't know).
I'm with you: the prices of some of these cutting-edge medicines are outrageous, though I understand the money, time and research effort it took the companies to come up with them.
You're right - I think for my kids the end of August is the end of summer, because that's the end of their summer vacation and they have to go back to school.