BEIJING: China said on Wednesday (Jul 30) that recently announced subsidies to support families with young children will provide a much-needed economic boost, as Beijing seeks to promote spending and avert a demographic crisis. Authorities in the world's second-largest economy on Monday declared the new nationwide policy, which offers parents the equivalent of around US$500 per child under the age of three per year. "The childcare subsidy system can directly increase people's cash income," Guo