China tops the list of most expensive places to raise children

China is generally acknowledged as a major global producer of affordable products and services. However, it’s notable that the country is one of the most expensive places to raise a child worldwide, according to a new study, surpassing the relative costs of both the United States and Japan.

The findings of a study conducted by the Youth Population Research Institute show that raising a child in China is no small feat, costing an average of $74,800 by age 17, and $94,500 for a full bachelor’s degree It costs Rs. This fiscal burden is particularly heavy, as it is 6.3 times China’s per capita GDP, which is higher than all but South Korea’s ratio of 7.79 times. The report highlights a contrast with other developed countries, where the cost of raising children is only 2-4 times per capita GDP in Australia, France, the US and Japan. These findings raise concerns about the impact on fertility rates in China, which is already facing demographic decline and an aging population.

The study was led by Liang Jianzhang, a notable entrepreneur and economics professor at Peking University.

According to a report by Guardian, China’s population declined for the second year in a row last year, raising concerns for the government as it faces challenges supporting an aging population with a shrinking workforce. The number of births in 2023 was slightly more than 9 million, almost half the 2016 figure.

More women are choosing to delay or forgo motherhood due to concerns about its negative impact on their careers and finances. In 2017, the government abandoned the long-standing one-child policy and now encourages women to have up to three children. Some provinces have also lifted restrictions on the number of children a family can register.