China offers $1,500 for every child - Government package aims to boost birth rates in the country
China, like many other countries, is concerned about its birth rate and is offering prospective parents a financial incentive to have children.
The government unveiled a new subsidy program that will provide parents with about $500 a year for each child, up to the age of 3. The subsidies will begin this year, with partial assistance for children under 3 born before 2025.
China's population fell for the third straight year in 2024. Rising child care costs, economic worries and job insecurity are among the reasons. It's a significant change for the nation, which from 1980 to 2015 adopted a one-child policy. It then began allowing families to have two children in 2016 and three in 2021.
But some provinces are increasing the level of subsidies. Hohhot, in Inner Mongolia, for example, is offering up to $14,000 per child for families with three or more children. That's a 2,000% increase from what it started offering in 2023. The subsidy will be spread over a decade, until the child turns 10.
China's population is aging, getting richer and better educated. Two decades ago, China's median age was 32; now, it's just past 40. What worries officials the most is the decline in the working-age population that fuels its manufacturing industries. That industry is already under pressure from the trade war with the United States.
Today's babies won't fix the situation right away, but they will protect China's interests for years to come. However, experts say a more effective strategy would be greater investment in infrastructure, such as childcare, parental leave and job protections for women.
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