China's government will offer subsidies of $500 per child under the age of three per year, according to Beijing's state media on Monday, as the country faces a looming demographic crisis.
The country's population has declined for three consecutive years, with United Nations demographic models predicting it could fall from 1.4 billion today to 800 million by 2100, News.Az reports citing foreign media.
The nationwide subsidies apply retroactively from January 1, Beijing's state broadcaster CCTV said, 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 wellbeing," CCTV said.
"It provides direct cash subsidies to families across the country, helping to reduce the burden of raising children," it added.
There were just 9.54 million births in China last year, half the number than in 2016, the year it ended its one-child policy, which was in place for more than three decades.
The population declined by 1.39 million last year, and China lost its crown as the world's most populous country to India in 2023.
Marriage rates are also at record-low levels, with many young couples put off having babies by high child-rearing costs and career concerns.
