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主题研究|育儿补贴对少子化及宏观经济的影响——基于日本的历史经验
野村东方国际证券·2025-08-14 10:54

Core Viewpoint - China's childcare subsidy policy is more comprehensive and generous compared to Japan's historical subsidies, reflecting a strong commitment to addressing declining birth rates [2][10][11]. Group 1: China's Childcare Subsidy Policy - The recently released "Implementation Plan for Childcare Subsidies" will provide annual subsidies of 3,600 yuan per child for families with children under three years old starting January 1, 2025, with an estimated budget of around 90 billion yuan for the first year [6][10]. - The subsidy amount represents approximately 4.4% of the average disposable income for Chinese families, slightly higher than Japan's 4.1% in 1992 [10][11]. - The absence of income restrictions in China's subsidy policy allows for broader coverage, facilitating quicker implementation across the country [10][11]. Group 2: Comparison with Japan's Childcare Subsidy Policy - Japan's childcare subsidy policy has evolved from targeting low-income families to providing subsidies to all families, with the income threshold gradually removed by 2024 [7][9]. - Historical data shows that Japan's subsidies initially had strict income limits, while China's current policy aims to support all newborns without such restrictions [9][10]. - Japan's subsidy amounts have increased over the years, but the initial coverage was limited compared to China's current approach [7][9]. Group 3: Challenges of Declining Birth Rates - China faces significant challenges with declining birth rates, with the total fertility rate dropping below Japan's levels and birth numbers falling below 10 million for the first time since the 1940s [11][13]. - Japan's experience with declining birth rates highlights the importance of comprehensive policies that address not only childcare but also marriage and economic pressures [15][40]. - The need for a supportive environment for families, including improved workplace conditions and childcare facilities, is critical in both countries to combat declining birth rates [3][25].