China is commonly acknowledged as a prominent global manufacturer of affordable products and services. However, it is noteworthy that the country ranks among the most expensive places worldwide for raising a child, surpassing the relative costs in both the United States and Japan, according to a new study.
The findings of the study that was conducted by the YuWa Population Research Institute reveal that raising a child in China is no small feat, costing an average of $74,800 until age 17, and a staggering $94,500 for a full bachelor's degree. This financial burden is particularly heavy, as it's 6.3 times higher than China's GDP per capita, surpassing all but South Korea's eye-watering 7.79 times ratio. The report highlights a stark contrast with other developed nations, with child-rearing costs only 2-4 times the GDP per capita in Australia, France, the US, and Japan. These findings raise concerns about the impact on fertility rates in China, which is already facing a demographic decline and an aging population.
The study was led by Liang Jianzhang, a notable entrepreneur and economics professor at Peking University.
As per a report from The Guardian, China's population declined for the second consecutive year last year, raising concerns for the government as it faces challenges in supporting an aging population with a diminishing workforce. The number of births in 2023 was slightly over 9 million, which is approximately half of the 2016 figure.
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