China aims to halt human births by 2025, according to the latest announcements.
Chinese authorities have stepped up, allowing families to expansion their brood in a significant shift from their long-standing one-child policy. As reported by The Wall Street Journal, starting in provinces with the lowest birth rates, this change is expected to be implemented nationwide by 2025, as per TASS reports.
This policy revamp is aimed at addressing the country's rapidly aging population, with the goal of improving the demographic structure, adhering to the strategy of bridging the gap caused by population aging, and enabling China to maintain its edge in human resources.
In a monumental change, the Chinese government unveiled its intent to allow families to have three children in May 2021, although an effective date has yet to be set. The decision, divulged in a meeting of the Political Bureau of the Communist Party of China Central Committee, underscores the increasing speed at which China's population is aging, with the relaxation of restrictions marking a positive step in the nation's future.
Unraveling a decades-long stance, China imposed strict population control measures in the mid-1970s, limiting families to a single child. Transgressions of this rule were met with high fines, dismissal from public service, and expulsion from the Communist Party of China. The government loosened its grip slightly over the years, allowing certain exceptions: families where both parents are only children and rural families with a first child who is a girl were permitted a second child. In 2013, legislators expanded this allowance, permitting families with at least one parent who is an only child to have two children. The permissive policy, allowing all Chinese families to have two children, took effect on January 1, 2016.
By 2020, the Chinese population had reached 1.41 billion, with more than 18.7% of the population aged 60 and over. The working-age population, those between 16 and 59, has diminished by over 40 million in the past decade, settling around 880 million.
Although China has formally allowed families to have up to three children since August 2021, the country's birth rate continues to witness difficulties, with a record low recorded in 2023. The government responded by implementing supportive measures in sectors like employment, finance, childcare, and education to prompt families to welcome more children.
- As the Chinese government eases its population control measures, the finance industry is expected to witness significant growth in wealth-management and personal-finance sectors, as families Start planning for their expanded brood.
- The relaxation of China's one-child policy could have profound implications for the business world, with industries such as childcare and education poised to see increased demand.
- The shift in China's population policy has sparked interest among global investors, with the revised policy contributing to the general news headlines across the finance and business world.
- With China's decision to allow three children per family, the crime-and-justice sector may face new challenges, as increased population growth could lead to an uptick in delinquency cases related to youngsters.
- As China navigates its changing population landscape, the government's policies and decisions in regards to family planning will remain closely monitored by politicians and the general public alike, as the country seeks to maintain its economic and social stability.
