China should lift all birth restrictions to tackle the problems of an ageing population and plan ahead to compete economically with a demographically young India and an immigration-friendly US, a new report by the central bank has said.
A working paper released by the People’s Bank of China (PBOC), China’s central bank, made public on Wednesday said the country’s ageing population problems were worse than that of other nations.
Primarily focused on how China should tackle the problem of its ageing population, the paper - written by four PBOC researchers - compared the country’s situation to India and the US, making the radical suggestion that the government allow three or more children per household.
China’s birth rate has been falling for years and that was why the government eased the strict one-child policy, which was in place since the late 1970s, in 2016, allowing couples to have two children.
The easing of the policy hasn’t worked, though.
The birth rate on the Chinese mainland dropped to 10.48 per 1,000 people in 2019, the lowest in seven decades, according to the National Bureau of Statistics; the statistics of 2020’s birth rate has not been released.
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