Ningbo Encourages Financial Institutions to Innovate Credit Products and Services to Meet Diverse Financial Needs of Marriage and Childbearing Groups

Deep News
Jan 28

On January 28, the General Office of the Ningbo Municipal People's Government issued a notice detailing the implementation rules for accelerating the improvement of the childbirth support policy system. The notice proposes the implementation of a childbirth subsidy system alongside tax and financial policies. A unified provincial childcare subsidy system will be implemented, which includes adhering to policies for special additional deductions for individual income tax related to the care of children under 3 years old and children's education, as well as the exemption of individual income tax on childbirth allowances, childbirth medical expenses, and childcare subsidies.

Precise financial support will be strengthened by encouraging financial institutions to innovate credit products and services to satisfy the diverse financial demands of marriage and childbearing groups. Support for social donations is also outlined, including the exploration of establishing a future population development fund in accordance with the law.

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