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The consequence of the one-child-policy has been huge. This article mentions some of those consequences.
Up Next: China Attempts to Figure Out How to Become More Like Japan (this is probably a really bad joke about Japan's birth rate and how the population is declining there) Be that one, a dozen, or zero - hint hint, U.S.“The state has no business regulating how many children people have,” said William Nee, a Hong Kong-based activist for Amnesty International.
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It should have been done about 10, if not 20, years ago. The demographic consequences will take a couple generations to reverse at the least, and simply ending the one-child policy might not directly correlate to people being willing to have more children.