China's New Demographic Plan: Encouraging More Births with Billions

China allocates 90 billion yuan to combat its demographic crisis by encouraging childbirth through subsidies. The nation's declining birth rates, stemming from historic population policies, have sparked initiatives like nationwide childcare subsidies aiming to bolster families as China faces increased life expectancy and an aging population.

China has taken a significant step in addressing its demographic challenges by announcing a 90 billion yuan allocation aimed at encouraging couples to have more children. The country's Finance Ministry revealed that these funds will be integrated into this year's central budget to support childcare subsidies.

Guo Yang, a ministry official, explained that approximately 90% of the distribution would come from this central fund, aiding local governments in issuing the subsidies. The initiative forms a part of China's nationwide childcare subsidy program, which benefits more than 20 million families annually with a standard subsidy of 3,600 yuan per child under three years.

These demographic efforts, triggered by low birth rates and an aging population, address repercussions of the erstwhile one-child policy. As China's population continues to decline, overtaken by India as the most populous nation, the country's policies now emphasize supporting families, raising the retirement age, and providing for an increasing elderly populace.

(With inputs from agencies.)