China to allocate $12.6 billion to pay childcare subsidies
China's central budget will allocate 90 billion yuan (about 12.6 billion U.S. dollars) this year to support the issuance of childcare subsidies, the Ministry of Finance said Wednesday, Xinhua reports.
The fund, which is a transfer payment from the central budget, will assist local governments in issuing the subsidies, covering nearly 90 percent of the total amount distributed, ministry official Guo Yang told a press conference.
The move follows the country's recent introduction of a nationwide childcare subsidy program, which sets a standard of 3,600 yuan per year for each child under the age of three, and is expected to benefit more than 20 million families each year.
The finance and healthcare departments are actively advancing the calculation and distribution of the fund, Guo said, emphasizing that through comprehensive oversight, every penny will safely reach those eligible for the support.
According to Wang Haidong, an official with the National Health Commission (NHC), childcare subsidy applications will be gradually rolled out across China in late August, with full access expected by Aug. 31.
Earlier it was reported that China expands unilateral visa-free, comprehensive mutual visa-free policies for 75 countries.
