China, the world's second-largest economy and one of the world's most populous countries, is trying to get its citizens to have more babies.
The government of Hangzhou, a tech hub in east China and home to e-commerce giant Alibaba, will be granting new parents 20,000 yuan, or $2,900, as a one-off subsidy for having a third child this year, according to the local media outlet Zhejiang Daily.
The push for babies comes after China's population started shrinking for the first time in six decades. An aging population will have profound implications for the future of China's economy, labor force, and its healthcare system.
