China is planning to offer cash handouts to families as an incentive for couples to have children, as years of population decline threaten the world’s No. 2 economy, people familiar with the matter said.
The Chinese government is set to provide 3,600 yuan (US$502) a year for each child until they turn three under a nationwide initiative starting this year, said the people, asking not to be identified as the details are not public.
While China abandoned its one-child policy about a decade ago, its population registered a decline for three straight years through last year. New births at 9.54 million last year were only half of the 18.8 million registered in 2016, when China lifted the policy that allowed couples to have only one child.
Photo: AFP
Diminishing birthrate is a challenge for Beijing, where the working-age population has been shrinking, in a threat to labor supply and productivity.
China, which lost its title as the most populous nation to India in 2023, might see its population drop further to 1.3 billion by 2050 and below 800 million by 2100, according to the UN’s demographic modeling.
That outlook stems from a significant drop in marriage rates, which hit its lowest level in almost half a century and could lead to even fewer births.
The trend has already prompted many local governments to roll out measures, from offering cash incentives to providing housing subsidies, to help alleviate families’ financial burden and encourage births.
Local subsidies, in some cases, can be quite significant. Hohhot, the regional capital of Inner Mongolia, made national headlines in March for its subsidies of 50,000 yuan to couples who have a second child and 100,000 yuan for a third or more.
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