By Berk Kutay Gokmen
ISTANBUL (AA) - China announced on Monday $500 annual subsidy program to support families and encourage childbirth, state news agency Xinhua reported.
The program will provide families with 3,600 yuan (nearly $503) a year for each child under the age of three, and the subsidy will be applied from January 2025.
The subsidies will not be counted as household or individual income when determining eligibility for assistance, and they will not be subject to personal income tax.
According to the National Bureau of Statistics, China's population was 1.408 billion at the end of 2024, a decrease of 1.39 million from the previous year.
In 2023, China lost its title as the world's most populous country to India, which has a population of 1.43 billion.