Singapore, July 30 -- In a bid to curb the country's falling birth rate despite the ruling Communist Party abolished its controversial one-child policy almost a decade ago, the government is offering 3,600 yuan ($500) a year to parents in China for each of their children under the age of three.
The handouts will help around 20 million families with the cost of raising children, according to state media.
Several provinces across China have piloted some form of payouts to encourage people to have more children as the world's second largest economy faces a looming demographic crisis, reports BBC.
The country is among the world's most expensive places to have children, in relative terms, according to a study by China-based YuWa Population Re...