China has introduced a historic nationwide cash subsidy of up to 10,800 yuan per child under three years old to address its declining birth rate and demographic crisis. Starting in 2024, families will receive up to 3,600 yuan annually per child, benefiting nearly 20 million households. This follows local subsidy trials in various provinces. Despite abolishing the one-child policy a decade ago, China’s population continues to shrink, with rapid aging raising serious economic and social concerns for the future.