babiesLoansWorld News

Loans for babies: Chinese province’s strategy to beat population blues - Financial Markets Worldwide

Please try another search

ReutersWorld7 minutes ago (Dec 23, 2021 08:25AM ET)

© Reuters. FILE PHOTO: A baby stroller is seen as mothers play with their children at a public area in downtown Shanghai November 19, 2013. REUTERS/Carlos Barria/File Photo

BEIJING (Reuters) – Jilin in northeast China is offering married couples bank loans of up to 200,000 yuan ($31,400) if they have kids, joining other provinces in the roll-out of financial incentives to overcome a declining population.

Certain small businesses set up by couples with two or three children will also enjoy exemptions and cuts in value-added taxes, the Jilin government said in a statement on Thursday.

China’s demographic issues are particularly prominent in the three northeastern rustbelt provinces of Jilin, Liaoning and Heilongjiang, as residents ventured to other provinces for work while couples deferred marriage or plans to have a family.

The region’s population fell 10.3% in 2020 compared with 2010. Jilin slumped 12.7%.

Provinces have been given more impetus to tackle demographic issues after China said in May that it would allow married couples to have up to three children instead of two.

The decision came on the heels of a census findings showing China’s population expanded at its weakest pace in the last decade since the 1950s, heightening anxieties that China would grow old before it gets wealthy, as well as drawing criticism authorities had waited too long to tackle a drop-off in births.

Recent official data also showed China had a fertility rate of 1.3 children per woman in 2020, on par with greying societies like Japan and Italy and short of the roughly 2 children needed to replace their parents.

In October, Anhui in eastern China warned that the number of births in the province may tumble 17.8% this year from 2020, extending a “cliff-like” plunge in recent years.

Jilin also said it will also extend the duration of paid maternity leave to 180 days from 98 days, and a man’s nursing leave to 25 days from 15, joining provinces elsewhere in re-writing laws to allow more maternity and paternity leave.

($1 = 6.3704 renminbi)

Related Articles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button