Spending and work-family balance are key to falling birth rates and declining populations.
China is recognized as a world-renowned manufacturer of affordable products and services. However, it’s worth noting that the country is one of the most expensive in the world to raise a child, surpassing the relative costs of the United States and Japan, according to a new study.
The results of this study were produced by Yowa Population Research Institute It has been revealed that raising a child in China is no easy task, with the average cost before the age of 17 being US$74,800, and a full bachelor’s degree costing as much as US$94,500. This fiscal burden is particularly heavy because it is 6.3 times higher than China’s GDP per capita and exceeds that of all countries except South Korea, which is an eye-popping 7.79 times. The report emphasizes that in stark contrast to other developed countries, childcare costs in Australia, France, the United States and Japan are only 2-4 times per capita GDP. The findings raise concerns about the impact on fertility in China, which is already facing a declining and aging population.
The research was led by Liang Jianzhang, a well-known entrepreneur and professor of economics at Peking University.
according to a report protector, China’s population fell last year for the second consecutive year, causing concern for the government as it faces challenges from a shrinking workforce and an aging population. The number of births in 2023 is just over 9 million, about half of the number in 2016.
More and more women are delaying or forgoing childbearing due to concerns about the negative impact it will have on their careers and finances. In 2017, the government abandoned its long-standing one-child policy and now encourages women to have three children. Some provinces have even lifted restrictions on the number of children a family can register.
