BEIJING: China’s government will offer subsidies to parents to the tune of $500 per child under the age of three per year, Beijing’s state media said Monday, as the world’s second most populous nation faces a looming demographic crisis.
The country’s population has declined for three consecutive years, with United Nations demography models predicting it could fall from 1.4 billion today to 800 million by 2100.
The nationwide subsidies apply retroactively from January 1, Beijing’s state broadcaster CCTV said, citing a decision by the ruling Communist Party and the State Council, China’s cabinet.
“This is a major nationwide policy aimed at improving public wellbeing,” CCTV said.
“It provides direct cash subsidies to families across the country, helping to reduce the burden of raising children,” it added.
