According to plan, the Chinese central government will establish a transfer payment project for "childcare subsidy funds" as a shared financial responsibility, Guo Yang, Director of the Social Security Department of the Ministry of Finance (MOF), stated at a press conference. This year, a preliminary budget of approximately RMB90 billion has been earmarked. For the funds required to disburse the national basic standard subsidy, the government will subsidize local governments at a certain ratio, with the central government bearing about 90% of the total cost.Related NewsCentral Parity of USD/ RMB Sheds 2 bps to 7.1496Wang Haidong, Director of the Population and Family Department of the National Health Commission, revealed that various regions will progressively open applications for childcare subsidies in late August according to the work plan.