全国性的重要民生政策——国家育儿补贴制度实施方案（下称"方案"）7月28日公布：2025年1月1 日起，无论一孩、二孩、三孩，每年均可领取3600元补贴，直至年满3周岁。 2025.08. 23 本文字数：1294，阅读时长大约3分钟 作者 | 第一财经 林靖 当前，已有多地透露了育儿补贴系统正式上线时间。 湖北媒体长江云新闻8月22日报道称，近日全国育儿补贴申领系统开始试运行，湖北多地陆续有家长 收到系统内测邀约。报道称，据了解，在湖北地区，该系统将于8月27日正式开通。 在专家看来，育儿补贴有利于提升生育水平，防止生育水平进一步降低。广东省人民政府参事室特约 研究员董玉整认为，育儿补贴能直接减轻生育养育负担，对于缓解生育焦虑、释放生育潜能，确有正 向的推动作用。 按照工作计划，各地将在8月下旬陆续开放育儿补贴申领，8月31日前各地全面开放育儿补贴的申 领。育儿补贴主要通过全国统一的育儿补贴信息管理系统线上申领。无论是户籍人口还是流动人口， 都可以通过线上来申领。同时拓宽申领渠道，依托各地省级政务服务平台设置育儿补贴申领专区，同 时在支付宝、微信等第三方服务平台也开通了育儿补贴申领入口。同时也保留了线下办理 ...

Group 1 - The national childcare subsidy system will officially launch on January 1, 2025, providing an annual subsidy of 3,600 yuan per child until the age of three, applicable to families with one, two, or three children [2][3] - Various regions are set to open the application process for the childcare subsidy by the end of August 2023, with a unified online application system established for both resident and migrant populations [2][3] - The subsidy aims to alleviate the financial burden of raising children and is expected to positively impact birth rates, as experts believe it will help reduce fertility anxiety and encourage families to have more children [3][4] Group 2 - The implementation of the childcare subsidy is part of a broader strategy to support families, which includes additional measures in education, childcare, and healthcare [4] - Starting from the fall semester of 2025, the government plans to gradually implement free preschool education, which will further reduce the economic burden on families with young children [4]

近日，财政部、教育部修订印发《支持学前教育发展资金管理办法》，规范和加强支持学前教育发展资 金管理，提高资金使用效益。 财政部科教和文化司司长许留庆介绍，关于免保育教育费的财政补助标准问题，今年主要是综合考虑了 各省公办园保育教育费的生均实际收费水平等因素，并且逐省进行核定。对以后年度，财政部将定期对 政策实施情况进行评估，根据评估结果，适时调整各省免保育教育费生均财政补助标准，保障幼儿园正 常运转。 "对于学前教育的财政支持能够提升学前教育的覆盖面，同时有利于改善家庭的财务状况。"中国社会科 学院财经战略研究院财政研究室主任何代欣表示，《办法》对于学前教育的资金支持，不仅惠及了广大 学龄前儿童，对于背后的家庭和教育体系来说都有很好的支撑和保障作用。 《办法》明确，支持学前教育发展资金由财政部会同教育部共同管理。教育部负责审核地方提出的区域 绩效目标等相关材料和数据，提供资金测算需要的基础数据，并对提供的基础数据的真实性、准确性、 及时性负责。财政部根据预算管理相关规定，会同教育部研究确定各省（自治区、直辖市、计划单列 市、新疆生产建设兵团）资金预算、绩效目标。 "为了保障和落实好相关政策，《办法》提到了相应 ...

Policy Overview - The State Council has issued a policy to gradually implement free preschool education, starting from the autumn semester of 2025, exempting public kindergartens from charging care education fees for the last year of preschool[1] - This policy is expected to benefit approximately 12 million children and reduce family education costs by 20 billion yuan in the 2025 autumn semester[1][7] Financial Implications - The financial burden on families will significantly decrease as care education fees constitute a large portion of preschool education expenses[7] - The central government will cover 80%, 60%, and 50% of the care education fee for children in western, central, and eastern regions, respectively[2] Educational Impact - The initiative aims to bridge the resource gap in preschool education between urban and rural areas, ensuring access for vulnerable groups such as migrant and disabled children[1][9] - The policy aligns with the United Nations' 2030 Sustainable Development Goals, which advocate for at least one year of free, quality preschool education[2] Implementation and Monitoring - Local governments are required to complete preparations by the end of August 2025 to ensure that children can benefit from the policy at the start of the school year[1][7] - The central government will regularly assess the implementation of the policy and adjust financial support standards based on local conditions[8][12] Future Considerations - The policy is seen as a first step towards broader educational reforms, focusing on improving the quality and accessibility of preschool education across different regions[3][10] - The overall enrollment rate for preschool education is projected to continue rising, with the gross enrollment rate reaching 92% by 2024, a significant increase from 2012[11]

Core Viewpoint - The implementation of free preschool education policy is set to reshape the kindergarten industry landscape, particularly affecting private kindergartens as enrollment numbers decline and public kindergartens offer free care fees starting from the 2025 fall semester [1][2][5]. Group 1: Policy Changes - The Ministry of Finance and the Ministry of Education have revised the funding management measures to support preschool education, focusing on improving quality and implementing free care fees for public kindergartens [1]. - Starting from the 2025 fall semester, public kindergartens will exempt care fees for children in their last year, impacting approximately 12 million children [2][5]. - The total financial investment for the free education policy is estimated to be around 20 billion yuan, with an average monthly care fee reduction of approximately 340 yuan per child [5]. Group 2: Impact on Private Kindergartens - The decline in enrollment numbers and the introduction of free care fees pose significant challenges for high-priced private kindergartens, which must adapt to maintain their student base [1][8]. - Many private kindergartens are considering lowering the age of enrollment to attract younger children, as over 30% of families with children under three express a need for childcare services [8][9]. - The competition between public and private kindergartens is expected to intensify, particularly as public kindergartens offer free services while private institutions may struggle to provide competitive pricing [4][5]. Group 3: Operational Challenges - High-priced private kindergartens face operational pressures due to the new policy, with concerns about the timely allocation of funds and potential impacts on daily operations [4][10]. - The financial burden on private kindergartens may lead to increased closures, particularly among those that do not receive subsidies under the new policy [5][11]. - The need for quality assurance in education remains critical as the transition to free preschool education progresses, with calls for maintaining investment in teacher training and facility standards [11].

Core Viewpoint - The recent policy on free preschool education in China aims to balance educational equity and fiscal sustainability, starting from the 2025 autumn semester, by eliminating care and education fees for public kindergartens for the last year of preschool [1] Group 1: Policy Implementation - The policy will focus on reducing the financial burden on families by eliminating care fees while retaining flexible expenses like meal and transportation fees [2] - A three-tiered financial responsibility system will be established, with central, provincial, and local governments sharing the fiscal burden, particularly supporting underdeveloped regions [2] - The implementation will be gradual, starting with one year of free education in 2025, with plans to expand to two and then three years based on readiness [2] Group 2: Inclusivity and Equity - The policy emphasizes high-quality inclusivity rather than a one-size-fits-all approach, ensuring that support is tailored to regional differences and vulnerable groups [3] - A dynamic adjustment mechanism for subsidies linked to regional financial capabilities will help address disparities in educational access [3] - Special provisions will be made for economically disadvantaged children, orphans, and disabled children, ensuring comprehensive support [3] Group 3: Quality Assurance - The policy aims to ensure that cost reductions do not compromise educational quality by improving teacher salaries and stabilizing the workforce [4] - A robust regulatory framework will be established to oversee the quality of preschool education, with clear responsibilities assigned to local governments [4] - The development of a national preschool education management information system will enhance data management and enable precise governance, ensuring funds are allocated effectively [4]

Core Viewpoint - The implementation of free preschool education policy starting from the autumn semester of 2025 is backed by significant fiscal subsidies from the central government, indicating a shift in financial responsibility from families to the government [1][3]. Summary by Sections Policy Changes - The revised "Support for Preschool Education Development Fund Management Measures" includes a new purpose to "implement the policy of exempting childcare education fees," indicating an increase in budget allocations for preschool education [1][2]. Financial Implications - The central government's budget for preschool education development funds is set at 25 billion yuan for both 2023 and 2024, while the national fiscal education expenditure for 2023 is 5 trillion yuan, with preschool education accounting for 315 billion yuan [2][3]. - The estimated increase in national fiscal expenditure due to the exemption of childcare education fees is approximately 20 billion yuan for the upcoming autumn semester, potentially rising to 40 billion yuan for the 2025 academic year [3]. Regional Disparities - Different provinces will experience varying levels of financial support based on the number of eligible children and local fiscal conditions, with Guangdong, Shandong, and Henan being the major beneficiaries of the policy [1][9][12]. - Guangdong is identified as the largest beneficiary of the free childcare education fee policy due to its high number of enrolled children and economic development [12][13]. Family Financial Impact - The policy aims to reduce the financial burden on families, as evidenced by a parent’s experience where the monthly childcare fee decreased significantly after transitioning to a public preschool [5][6]. - Despite potential increases in public preschool fees in some regions, the overall financial support from the government is expected to outweigh these increases, leading to a net benefit for families [5][6][7]. Government Responsibility - The shift from family financial responsibility to government funding is characterized as a "reduction" in family education expenses and an "increase" in government responsibility [2][3][4]. - The overall increase in government funding for preschool education has outpaced the rise in family contributions, indicating a growing commitment to improving preschool education services [7][8].

Group 1 - The State Council has issued an opinion to gradually implement free preschool education, starting from the autumn semester, exempting tuition fees for children in the last year of kindergarten, funded by both central and local finances [1] - The Ministry of Finance and the Ministry of Education have revised the funding management measures to support preschool education, ensuring that eligible public kindergartens will not charge tuition fees [1] - The funding for the tuition exemption policy will be shared between central and local governments, with the central government covering 80% for the first tier, 60% for the second tier, and 50% for the third to fifth tiers [1] Group 2 - The implementation of free preschool education is part of a broader fertility support policy aimed at reducing the economic burden on families and promoting a fertility-friendly environment [2] - In 2023, total investment in preschool education reached 538.2 billion yuan, with families bearing approximately 36% of the costs, indicating a high education expenditure burden on households [2] - The proportion of inclusive kindergartens is expected to reach 87.26% in 2024, with a gross enrollment rate of 92%, although disparities remain in rural and low-income areas [2] Group 3 - Companies are also playing a significant role in creating a fertility-friendly society, with over ten companies implementing measures to encourage employee childbirth since 2021 [3] - The recent policy on free preschool education aligns with the government's focus on improving people's livelihoods and expanding the scope of free education [3] - The estimated annual fiscal investment required for the free preschool education policy is around 45 billion yuan, potentially sourced from the rapid growth in central government education spending [3] Group 4 - China Oriental Education has forecasted a 45%-50% year-on-year increase in net profit for the first half of 2025, driven by a 7% increase in new student registrations [4] - New Oriental has maintained a target price of 46 HKD per share, with a projected revenue growth of 10% and 14% for the 2026/2027 fiscal years [4] - China Education Holdings reported a revenue increase of 11.8% to 3.673 billion yuan, attributed to a rise in student numbers, although net profit decreased by 9.7% [5]

Core Viewpoint - The article highlights recent policy developments in China, focusing on education, financial support for industrialization, and rural infrastructure improvements, indicating a strategic push towards enhancing social welfare and economic resilience [2][3][11][12]. Group 1: Education Policy - On August 5, the State Council issued an opinion to gradually implement free preschool education, starting from the autumn semester of 2025, which will exempt public kindergarten fees for approximately 12 million children, resulting in an estimated increase in national fiscal expenditure of about 20 billion yuan for the upcoming semester [11]. - The policy aims to reduce family expenses by an equivalent amount and will be funded jointly by central and local governments, with the central government covering a larger share [11]. Group 2: Financial Support for Industrialization - On August 5, the People's Bank of China and seven other departments released guidelines to support new industrialization, emphasizing the need for financial institutions to provide long-term financing for key manufacturing sectors such as integrated circuits, medical equipment, and advanced materials [12]. - The guidelines encourage financing for emerging industries like new energy, high-end equipment, and biomedicine, while also stressing the importance of risk management to prevent misuse of funds [12]. Group 3: Rural Infrastructure Development - On August 6, the Ministry of Transport announced a new round of rural road improvement plans, aiming to complete the construction and renovation of 300,000 kilometers of rural roads by 2027, with 130,000 kilometers targeted for completion in 2024 [3].

Group 1: Economic Policies and Developments - The UK central bank has lowered the benchmark interest rate by 25 basis points to 4%, marking the fifth rate cut since August 2024, aligning with market expectations [5][9] - The China Securities Regulatory Commission (CSRC) aims to enhance the attractiveness and inclusivity of domestic capital markets by promoting long-term and patient capital, focusing on reforms in the STAR Market and ChiNext [5][10] - The Supreme People's Court of China has issued 25 guiding opinions to implement the Private Economy Promotion Law, aimed at providing legal support for the development of the private economy [5][11] Group 2: Economic Indicators - In July, China's Consumer Price Index (CPI) remained flat year-on-year, while the Producer Price Index (PPI) decreased by 3.6%, indicating ongoing challenges in industrial pricing despite improvements in consumer prices [5][14] - The CSRC's initiatives are expected to stabilize the market and support economic transformation and technological innovation, with a focus on sectors like hard technology and high-dividend blue chips [10]