The Chinese government reportedly is looking into scrapping mandated birth limits, a policy that has been in place for four decades.

China relaxed its one-child policy over the past few years, allowing families to have two children if one of the parents was an only child. 

China's State Council has ordered a study to examine the repercussions of ending the birth limits, Bloomberg reported.

The policy change would seek to reduce the pace of the aging Chinese population and help with a shortage of workers.

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Bloomberg said proposals under discussion would replace the population-control policy with one called "independent fertility," allowing people to decide how many children to have. The decision could be made as soon as the fourth quarter, a person familiar with the matter said, adding that the announcement might also be pushed into 2019.