China announced today via its state-run news agency, Xinhua, that its infamous one-child policy would be abolished for most people. Since the late 1970s, couples living in urban areas have only been allowed to have one child, unless both parties were themselves only children, in which case they were allowed to have two children. Now most couples can have two children, provided that one of the partners is an only child.
Reporting earlier today from China, CNN's David McKenzie said, "It's a policy that many economists have said should be changed … China is facing an aging population, a shrinking labor population … and that could reach a crisis point, so I believe that was one major economic reason that they decided to relax this one-child policy." China's workforce will eventually expand as a result of the relaxed reproductive rules, as will their housing market and domestic consumer economy. However, "it may be too little too late, given that the labor force is estimated to beginRead More »from China to Abolish One-Child Policy, Allowing Couples to Have Two Kids