China Becomes the Most Expensive Country to Raise Children

There is an "urgent need" at the national level to introduce policies to reduce the cost of childbearing as soon as possible, YuWa said, such as cash and tax subsidies, improved childcare services, equal maternity and paternity leave, access to foreign nannies, allowing flexible working and giving single women the same reproductive rights as married women.

The measures together could increase new births to around 3 million, the report said.

In 2023, China's total fertility rate will only be about 1.0, one of the lowest in the world.

"If the current ultra-low fertility rate cannot be improved, China's population will rapidly decline and age, which will have a serious negative impact on innovation and overall national strength," it said.