8 July 2025 | 11:02PM HKT China: Reported nationwide childbirth subsidy – potentially a modest boost to H2 growth Bottom line: Recent media reports suggest that the Chinese government will launch a nationwide childbirth subsidy program soon (RMB 3,600 per year for each child until they turn three years old), although this has yet to be officially announced. In our view, the subsidy program reflects China's new policy thinking and long-term planning to counteract cyclical and structural growth headwinds. Bas ...