Reports have emerged that China plans to implement a nationwide policy to provide a childcare allowance (subsidy) of 3,600 yuan (approximately 685,000 won) per child per year.
According to major foreign media outlets on July 4, multiple well-informed sources have stated that the Chinese government will provide childcare subsidies until the child turns three years old, in accordance with a nationwide plan starting this year.
Previously, Premier Li Qiang announced in his work report to the National People's Congress (NPC), which is equivalent to the national assembly, on March 5 that, "In order to encourage childbirth, we will provide childcare allowances and actively develop integrated childcare services to increase the supply of universal childcare services."
The expansion of the childcare allowance nationwide is analyzed as a response to the demographic cliff crisis, which is characterized by a sharp decline in the working-age population due to falling birth rates and an aging society.
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