China Infant Milk Formula_ Scenario analysis of birth outlook upon fertility subsidy
2025-03-19 15:50
16 Mar 2025 11:51:42 ET │ 14 pages V i e w p o i n t | China Infant Milk Formula Scenario analysis of birth outlook upon fertility subsidy CITI'S TAKE We expect a moderate birth retreat in 2025E after the Year of the Dragon in 2024. With the gradual rollout of fertility subsidy by more local governments following Huhhot's favorable policy (see our note), we expect to see the stimulus impact starting from 2026E. Considering the subsidy level and implementation may vary in different regions, we expect bull/ba ...