中信证券表示，8月5日，国务院办公厅印发《关于逐步推行免费学前教育的意见》，明确从2025年秋季 学期起免除公办幼儿园学前一年在园儿童保育教育费。我们认为，本次意见对二十届三中全会和今年政 府工作报告"探索逐步扩大免费教育范围"的具体落实，也体现了今年政策"民生为大"的政策取向。拆解 政策细节，主要有覆盖范围从"困难群体"到"全体在园儿童"的普惠升级，以及中央与地方"分档担责"、 动态调整的财政支出机制。中性假设下，预计免费学前教育政策或需年均约450亿元的财政投入，或来 源于今年较快增长的中央财政资金教育支出分项。后续，预计免费学前年份仍有逐步扩大的空间。 ...

Core Viewpoint - The article discusses the implementation of free preschool education in China, highlighting the government's recent policy to gradually introduce this initiative starting from the 2025 autumn semester, aiming to alleviate the financial burden on families and promote a fertility-friendly society [3][5]. Summary by Sections Implementation Plan - The first step towards free preschool education is the exemption of childcare fees for children in public kindergartens for the last year before primary school starting from the 2025 autumn semester [4]. - For children attending approved private kindergartens, the fee exemption will be aligned with the standards of local public kindergartens [4]. Fee Standards and Financial Support - The childcare fee standards will be based on the approved fee structures by local governments and relevant departments, excluding meal, accommodation, and miscellaneous fees [4]. - The financial support will be determined by the average actual fees charged in public kindergartens, with the Ministry of Finance and the Ministry of Education setting upper limits for subsidies based on regional conditions [5]. Fiscal Responsibility and Equity - The policy aims to reduce the financial burden on families and incentivize a fertility-friendly environment, but it requires effective implementation and supporting measures [5]. - The article emphasizes the need for equitable public service, suggesting that children in unapproved kindergartens, particularly in rural areas, should also be included in the free preschool education initiative [5]. Addressing Cost Disparities - There are concerns regarding the disparity in costs between public and private kindergartens, which may lead to unequal financial burdens on families [7]. - The article suggests that the subsidy standards should reflect the actual market costs of childcare to ensure fairness and equity in the distribution of financial support [7]. Subsidy Mechanism - The article discusses two potential subsidy mechanisms: direct payments to kindergartens or vouchers for families to use at approved institutions [8]. - Using vouchers could enhance the effectiveness of subsidies by directly linking government support to family experiences, thereby improving the perceived value of public services [8][9]. Conclusion - The implementation of free preschool education is expected to significantly lower the costs of child-rearing for families, contributing to a more supportive environment for childbearing [9]. - The article stresses the importance of not only defining the scope of the initiative but also ensuring its effective execution to maximize its benefits for families [9].

Core Viewpoint - The Chinese government is gradually implementing free preschool education, starting with the exemption of care and education fees for children in public kindergartens from the upcoming autumn semester, which is expected to influence family birth decisions and improve education quality [1][5][7]. Group 1: Policy Implementation - The State Council has issued an opinion to gradually exempt preschool education fees, beginning with public kindergartens [1]. - The exemption will also apply to private kindergartens based on local public kindergarten standards [1]. - The Ministry of Finance and the Ministry of Education will consider factors such as school-age population changes and financial capacity to improve the free preschool education policy [1]. Group 2: Historical Context - Various provinces have previously explored free education, with significant initiatives starting around 2011, including a comprehensive plan in Shaanxi for one year of free preschool education [3]. - By 2016, more provinces joined the initiative, with some areas implementing up to 15 years of free education [3]. Group 3: Educational Quality and Economic Impact - The push for free preschool education is linked to the need for improved educational quality and the economic context of decreasing birth rates and an aging population [5][6]. - The financial burden of education remains significant, with families often spending on supplementary education despite free policies [6][7]. - The case of Shenmu, which has invested heavily in education, illustrates the economic benefits of free education, attracting families and increasing local population [8][9]. Group 4: Future Directions - The focus is shifting from merely providing free education to ensuring high-quality education, which requires substantial investment in teacher training and curriculum development [10]. - The disparity in educational quality across regions may become more pronounced as free education expands nationwide, necessitating a focus on educational resources and management systems [9][10].

Core Viewpoint - The Chinese government has issued guidelines to gradually implement free preschool education, starting from the fall semester of 2025, which aims to alleviate the financial burden on families and promote the development of quality preschool education [1][3]. Group 1: Implementation Details - From the 2025 fall semester, public kindergartens will waive the childcare education fees for children in their final year of preschool, based on local government-approved fee standards [1]. - Private kindergartens will also reduce childcare education fees in accordance with the exemption levels set for local public kindergartens, but may continue to charge families for any fees exceeding the exemption level [2]. Group 2: Financial Impact on Families - In Beijing, families can save approximately 8,000 yuan per child per year if their child attends a public kindergarten, based on the government-guided fee structure [3]. - The lack of a national standard for childcare education fees may lead to disparities across regions, potentially shifting costs to families through other fees if childcare fees are set too low [3]. Group 3: Funding and Support Mechanisms - The guidelines encourage provinces to enhance support for economically disadvantaged groups, ensuring that funding mechanisms are in place to support the implementation of free preschool education [4]. - Local governments are required to monitor and ensure timely funding for kindergartens, preventing delays in teacher salaries and maintaining operational stability [5]. - The government emphasizes the need for increased financial investment in preschool education to ensure quality and adequate teacher compensation [5].

Core Viewpoint - The State Council has issued an opinion to gradually implement free preschool education, starting with the exemption of care and education fees for children in public kindergartens from the upcoming autumn semester, with similar reductions for private kindergartens based on local public kindergarten standards [2][7]. Group 1: Policy Implementation - The new policy aims to alleviate the financial burden on families regarding preschool education, which is crucial for influencing family birth decisions [2][8]. - The initiative is part of a broader trend towards extending free education, with previous explorations in various provinces, including a notable case in Shaanxi that promoted "13 years of free education" over a decade ago [3][6]. Group 2: Historical Context - The first significant move towards free preschool education occurred in 2011 when Shaanxi implemented a free education plan for the preschool year across all public and private kindergartens [3]. - By 2016, more provinces joined the initiative, with Shaanxi again leading the way by proposing comprehensive free education from preschool to high school [6]. Group 3: Demographic and Economic Factors - The current push for free preschool education is influenced by demographic trends, including declining birth rates and an aging population, which have led to a peak in preschool-age children in 2023 [7][8]. - The economic context has also shifted, allowing for increased investment in education, which is necessary to meet the rising demand for quality education [8][9]. Group 4: Quality of Education - The focus is not only on making education free but also on ensuring high-quality education, which requires significant financial investment and improved educational resources [8][14]. - The disparity in educational quality across regions is highlighted, with wealthier areas like Shenmu demonstrating better educational outcomes compared to less affluent regions [11][14]. Group 5: Future Implications - The expansion of free education may lead to increased competition among regions to attract families, as seen in Shenmu, which has experienced population growth due to its educational offerings [12][13]. - The emphasis on high-quality free education will necessitate improvements in teacher training, curriculum design, and educational management systems [15].

为什么只免除学前一年保育教育费？ 中国财政科学研究院教科文研究中心主任韩凤芹称："免费学前教育政策的落地需要一定的时间和条件，需要根据发展水平和实际情况， 分阶段有步骤推进。政策目标主要应聚焦于教育普及的程度与质量提升，还要充分考虑地域差异与教育结构类型多样性带来的挑战。" 央视网消息：免除保育教育费的好处明显，那么，为什么只免除学前一年呢？ 专家认为，在经济层面，免费政策有利于提高国家人力资本积累水平，能为劳动力市场储备高质量人才。在公平方面，免费政策有助于缩 小城乡区域群体间学前教育的资源差距，保障流动儿童、残疾儿童等弱势群体的早期教育机会，填补结构性缺口，推动优质教育资源向薄弱地 区去辐射。 中国教育科学研究院副研究员高丙成称："这种留守儿童、城市的流动儿童、农村的一些孩子，能够进一步使得他们有机会接受到普惠的 学前教育。我们常说孩子三岁看大，七岁看老，我感觉免费学前教育免的是老百姓的保教费，但是增加的是国家的希望，也是我们民族复兴的 希望。" 逐步推行免费学前教育有何重大意义？ ...

一组数据告诉你，免费教育有多重要！根据统计，城镇家庭养育一个孩子到18岁，平均的总成 本大约是68万元，其中3-5岁的幼儿养育成本就占了2成，这对年轻家庭来说，可是一笔不小的 开支，也让一些年轻夫妻在生孩子这件事上犹豫不决。但现在，新政直接切中这一痛点，把 钱"花在刀刃上"，孩子上大班，再也不用为近万元的保教费发愁了。 好消息，孩子读幼儿园大班，可以免学费了！ 最近，国务院办公厅印发了《关于逐步推行免费学前教育的意见》，从今年秋季学期开 始， 全国公办幼儿园学前一年的保育教育费将全面免除 ，预计每年将惠及超过1000万名 儿童，民办幼儿园也参照执行 ！ 出品丨21财经客户端 财经早察工作室 总统筹：陈晨星 执行统筹： 祝乃娟 监制：洪晓文 曾婷芳 主播：董静怡 SFC 剪辑：实习生 苏磊 设计：王冰 育儿补贴来了！真金白银为养娃减负 可退房退款！最新司法解释为烂尾楼业主"撑腰" 21君荐读 以河北省秦皇岛市为例，政策实行后，当地就读公办园和民办园的儿童每月可少交400元的保 育教育费，一年就是4000元左右，相当于给家庭直接"发红包"。同时，财政兜底机制启动，园 方少收的钱，政府按每个孩子的标准补上，既不用担 ...

Core Viewpoint - The implementation of free preschool education is expected to significantly reduce family upbringing and education costs, providing strong support for creating a family-friendly society [1][7]. Group 1: Policy Implementation - The State Council has issued an opinion on gradually promoting free preschool education, detailing the target groups, standards, and financial subsidy methods [2]. - Starting from the autumn semester of 2025, public kindergarten fees for the last year of preschool will be waived, and similar reductions will apply to approved private kindergartens [3]. - The fee standards for public kindergartens will be based on the approved charging standards by local governments, excluding meal, accommodation, and miscellaneous fees [3]. Group 2: Financial Support and Equity - The policy aims to alleviate the financial burden on families and incentivize a family-friendly society, but effective implementation requires supporting measures [4]. - The financial subsidy will be shared between central and local governments, but the current policy primarily covers public and approved private kindergartens, leaving some children in unapproved institutions without support [4]. - To achieve equitable public service, it is essential to include children from unapproved kindergartens, as their families are often more price-sensitive and in need of assistance [4]. Group 3: Cost and Subsidy Mechanisms - There are concerns that the approved fee standards for public kindergartens may be lower than actual costs, potentially leading to disparities in financial support [5]. - The method of financial subsidies, whether through direct payments to kindergartens or vouchers for families, will impact the effectiveness of the program [6][7]. - Using vouchers allows families to choose kindergartens, ensuring coverage for all eligible children and enhancing the perceived value of public services [7].

好消息，孩子读幼儿园大班，可以免学费了！ 那么，省下的钱会去哪儿？这对家庭来说可不是小数目。以一线城市为例，原本每年万元的保教费大幅 减少，家长可能会把这笔钱转向其他消费，比如给孩子报兴趣班、家庭旅游，甚至升级家电。有专家测 算，这种"消费替代效应"可能带来千亿级的消费增量！也可以成为孩子成长的一笔启动基金。 财经早察主播董静怡 最近，国务院办公厅印发了《关于逐步推行免费学前教育的意见》，从今年秋季学期开始，全国公办幼 儿园学前一年的保育教育费将全面免除，预计每年将惠及超过1000万名儿童，民办幼儿园也参照执行！ 一组数据告诉你，免费教育有多重要！根据统计，城镇家庭养育一个孩子到18岁，平均的总成本大约是 68万元，其中3-5岁的幼儿养育成本就占了2成，这对年轻家庭来说，可是一笔不小的开支，也让一些年 轻夫妻在生孩子这件事上犹豫不决。但现在，新政直接切中这一痛点，把钱"花在刀刃上"，孩子上大 班，再也不用为近万元的保教费发愁了。 以河北省秦皇岛市为例，政策实行后，当地就读公办园和民办园的儿童每月可少交400元的保育教育 费，一年就是4000元左右，相当于给家庭直接"发红包"。同时，财政兜底机制启动，园方少收的 ...

Core Insights - The report highlights the implementation of free preschool education in China starting from the autumn semester of 2025, aiming to enhance the quality of educational services [1] - The policy will exempt public kindergarten fees for the last year of preschool education and provide similar fee reductions for private kindergartens, thereby increasing enrollment rates [1][2] - The government aims to improve the gross enrollment rate in preschool education, which is currently at 92%, through financial support and dynamic regulation of kindergartens [1] Financial Implications - In 2023, preschool education accounted for approximately 6.2% of fiscal expenditures, and with the joint financial support from central and local governments, funding for preschool education is expected to increase [2] - The central government will cover 80% of costs for the first tier of kindergartens, 60% for the second tier, and 50% for the third to fifth tiers, effectively reducing the financial burden on families [1] Investment Opportunities - The report suggests that the free preschool education policy will boost education-related stocks in the short term and may improve birth rates in the long term, benefiting the education sector [4] - Recommended investment targets include K9 related companies such as Excellence Education Group (3978.HK), New Oriental (EDU.N/9901.HK), and TAL Education Group (TAL.N) [4]