BEIJING: China, the World’s second largest economy has on Sunday officially junked its controversial three-decades-old law, which mandated couples to have only one child. The new law passed by the Chinese Parliament now allows couples to have two children irrespective of the social status.
The decision of the Chinese government to abolish the age-old One child policy comes in the wake of an official estimation, which exhibited china’s aging population and its impact on shrinking workforce. As per the latest analysis, the number of people aged 60 or more in China had reached 212 million by 2014 which accounted for 15.5% of the total population of the dragon nation. In addition it has a 40 million population, who are disabled.
The United Nations reported that China’s age-old population may account for 18% by the end of 2030, bearing a negative impact on China’s labor availability. If the figures follow the same frequency, China may have the age-old population exceeding by 500 million, which is more than the population of the United States.
It can be understood that the Government of China is keen to repair the damage done through the one child scheme, by reverting the policy. However, China’s TV surveys revealed that the couples of China have been habituated for a single child family and also fears to have a second child, keeping in mind the cost-factor in bringing-up the child.
On the other hand, the aging population has brought-in a scope for new business in China. According to a report published by the Price water house Coopers, China’s elderly population may spend more than $1.54 trillion on elder care, during a period of 2016-2020 increasing by 17 percent every year.
China is currently the World’s most populous country with 1.37 billion people.