December 28, 2013
China’s top legislature has decided to reform the country’s one-child policy for the first time in 30 years. The Standing Committee of the National People’s Congress – China’s rubber-stamp parliament – on Saturday passed a resolution to allow couples to have two children if either parent is an only child, according to Xinhua, the state news agency.
This was certainly welcome news in China, and will undoubtedly lead to a mini baby boom in the coming Year of the Horse, which officially starts January 31. The economic reality is that China already faces a crisis in 20 years, when there will not be enough working adults to support the elderly. Nonetheless, this policy change will likely create a whole new generation who will be completely different than their single-child predecessors.