China will ease its two-child restriction and allow couples to have a third child to boost its aging population, Bloomberg reported.
- The Communist Party’s policy making body decided to allow a third child for couples and implement related support policies to help improve the country’s population structure.
- A timeframe for the policy has yet to be announced, but the decision was made in discussions presided by President Xi Jinping regarding major reforms to be undertaken until 2025.
- Government officials and stakeholders earlier called for the complete abolishment of the birth limits, following the drop in the working-age population in the last decade.
- China in 2016 eased its birth policy to allow couples two children, which was for decades limited to only one child.
- China reported 12 million babies born in 2020, the lowest since 1961. At this rate, the population could start shrinking before 2025.
- The policymaking body also said China will “prudently” lift the retirement age in phases, as the country has the world’s lowest official retirement ages.