In the midst of a new report exposing the financial realities of parenting in China, observers are pointing out that the high cost of raising a child is a important contributing factor to the country’s high cost of education, especially given that it continues to be seen as a crucial pathway to success.
A Chinese consider tank reported late last month that the cost of raising a kid in China until the age of 18 is “almost the highest in the world” in terms of GDP per capita.
” China’s fertility rate has been rapidly declining. With fewer children, parents tend to concentrate more resources on raising and educating the next generation”, said Dr Zhao Litao, senior research fellow at the National University of Singapore’s ( NUS) East Asian Institute.
However, the costs go beyond just income, according to analysts, with parents paying a sizable price for both time and opportunity costs. They add that due to the prevailing female conventions in China, this is especially pronounced for parents.
Although local governments offer a variety of degrees of assistance, experts believe that a shift in perspective by businesses and people regarding familial roles and the definition of success is what will certainly change the knife.
THE PRICE OF PARENTING
According to a report from the YuWa Population Research Institute, the average national average for raising children in China is$ 538, 000 ( US$ 74, 600 ). This includes paying for caregiver and child care, spending money on education materials, as well as paying for extracurricular activities.
That’s around 6.3 days the government’s per person GDP and “almost the highest in the world”, the statement said.
Also highlighted- how China’s rate exceeds other countries such as neighbouring Japan ( 4.26 times ), the United States ( 4.11 times ), France ( 2.24 times ) and Australia ( 2.08 times ). South Korea claimed the top position, with the charge coming in at 7.79 days the government’s GDP per capita.
The most expensive cities in China still have a child’s education costs of about 936, 000 and 1.01 million, between, with Beijing and Shanghai still paying the most.
If a child’s college education is factored in, the regional average goes up by over 25 per share to a contact over 680, 000 yuan. Because most parents are not required to give financial aid once their children reach the age of 18, the report stated, it was important to estimate the cost of college education as well.
Foreign citizens were critical of the information, as evidenced by comments made on a Weibo post on the record by online news service Sina Finance.  ,
One comment that had more than 6, 000 likes read:” The estimate should be in the millions, 680, 000 (yuan ) is too little”.
“30, 000 rmb a month? After all, this is the average amount of money spent; however, those in the big cities ca n’t afford it, according to another user.  ,
Some people questioned the Beijing capital’s count, arguing that it should be higher. ” Beijing should be about 2 million yuan, and this does n’t include a house …”, one comment read.
A different post questioned the usefulness of using averages as the standard after receiving about 3,800 likes.
The comment reads,” A typical family would only need to pay a few thousand (yuan ) in school fees annually for a child with good grades for undergraduate studies.”
” Meanwhile, rich families can spend hundreds of thousands to send a child overseas … it’s meaningless to calculate averages” . ,
SPLURGING ON Learning
According to the report’s authors, training is a significant contribution to the total cost of raising a kid in China. A good education has long been and continues to be viewed as essential to success in the nation.
” Graduation ( from the better universities ) guarantees a bright future with status, wealth and even power”, according to a 2017 article by the South China Morning Post.
In light of this situation, Dr. Zhao said,” enormous competitive pressure is compelled parents to look for the best possible education for their children.”  ,