Beijing: – Chinese parliament has passed a law allowing married couples to have three children. The census in China was released a few months ago. It was revealed that China’s population growth rate has been declining for four consecutive years as the number of older people is increasing. It also hinted at a shock to the Chinese economy. Against this backdrop, the law passed by the ruling communist regime in China is significant.
‘One Child Policy’ was imposed, by the then communist regime in 1979, to curb the consistent population growth in China. The policy claims that China has managed to curtail the increase in its population by nearly 400 million over the past three and a half decades. However, the controversial policy was scrapped in 2016, after its adverse effects started becoming evident. Couples in China were then allowed to have two children.
However, the changed mentality and lifestyle of Chinese couples did not make much difference to the population. On the contrary, it was revealed that Chinese citizens were avoiding giving birth to children. China decided to change its policy again after the effects began to show on the economy as well as the social situation. Indications for the ‘Three Child Policy’ were given just days after the census report came out. Passing the law in just three months, China is seen to be stepping up its efforts.
It has been announced that the couples will be provided special assistance, as the permission given earlier for two children has not been very effective. This will include child insurance, education expenses, tax cuts and other financial assistance. However, doubts are also being raised as to whether the policy of three children will be successful after the failure of the two children policy.
The Chinese economy is still dependent on the manufacturing sector, and declining birth rates are expected to reduce workforce availability drastically. At the same time, some analysts in China have expressed concerns that encouraging higher birth rates could lead to a resurgence of poverty and unemployment in rural areas and undermine China’s social stability.
Related posts:
Chinese debt is a major risk to our economy, warns RBA governor Philip Lowe
China threatens to impose taxes on imports of US goods worth $60 billion
The Chinese military should be loyal only to the Communist leadership, appeals President Xi Jinping
China is ‘out of bullets’ in the trade war with the US, retorts US Secretary of Commerce
China needs to act urgently to contain financial risks, warns IMF
US Chamber of Commerce shuts down in China
More than 40 countries slam China over the Uyghurs issue; UN’s criticism makes China restless
Following Evergrande, Chinese economy is under threat alongside the real estate companies Fantasia, Scenic Holdings, Modern Land
