Beijing, July 30 -- China has allocated 90 billion yuan ($12.5 billion) for childcare benefit payments in 2025 to combat the country's declining birth rate, an official of the Chinese Finance Ministry's Department of Social Security said on Wednesday.
"The central financial authorities will set up a transfer payment program, the nationwide childcare subsidy program... with a preliminary budget of about 90 billion yuan this year," Guo Yang was quoted by China Central Television as saying.
The central government will subsidize about 90% of the total payments, while the rest will be covered by local authorities, she said.
In August 2023, China introduced a special tax deduction of 2,000 yuan per child per month for parents of children under...