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Investing.com-- China is preparing to roll out nationwide cash subsidies to encourage childbirth, as the country faces a prolonged population decline threatening its economic future, Bloomberg reported on Friday, citing people familiar with the matter.
Under the proposed policy, families would receive 3,600 yuan ($503) annually for each child born on or after Jan. 1, 2025, continuing until the child turns three, the Bloomberg report stated.
The measure, which has not been publicly announced, reflects Beijing’s growing urgency to reverse demographic decline.
Despite scrapping its one-child policy nearly a decade ago, China’s birthrate has continued to fall.
The number of new births dropped to 9.54 million in 2023, nearly half of the 2016 figure, the report noted.
Local governments have already begun offering incentives, including housing subsidies and lump-sum payments. Hohhot, for example, provides up to 100,000 yuan for families with a third child, the report added.