The national childcare subsidy system implementation plan was promulgated by the Chinese central government yesterday (28th), specifying that subsidies will be provided for children under 3 years old who are born in accordance with laws and regulations with effect from January 1, 2025, until they reach the age of 3, Sinolink Securities recaptured in a report.The childcare subsidy is distributed annually, with the current national basic standard set at RMB3,600 per child per year. For children born before January 1, 2025, and under 3 years old, subsidies will be calculated based on the number of eligible months. Sinolink Securities anticipated that the funds for this childcare subsidy will be sourced from the general public budget. Given that the childcare subsidy is likely not included in this year's fiscal budget, it was expected that the National People's Congress Standing Committee meeting in August will review the relevant budget adjustment plan. Related NewsCLSA Keeps Outperform on YILI/ H&H INTL HLDG/ CHINA FEIHE; CN Childcare Subsidy Shows Clear Support Despite Limited AmtThe broker estimated that the RMB120 billion childcare subsidy disbursed this year will generate approximately RMB85.5 billion in consumer spending, boosting retail growth by 0.18 ppts. As a transfer payment, the childcare subsidy supports consumer discretionary more than consumer staples.