China to offer childcare subsidies in bid to boost birth rate

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China to offer childcare subsidies in bid to boost birth rate

Chinese government will offer subsidies to parents to the tune of $500 per child under the age of three per year as the world's second most populous nation faces a looming demographic crisis. The nationwide subsidies apply retroactively from January 1, citing a decision by the ruling Communist Party and the State Council, China's cabinet. This is a major nationwide policy aimed at improving public well-being.