Institutional Design and Policy Research on Establishing Securities Investment Fund Accounts for Newborns in China during the 15th Five-Year Plan Period
China is experiencing deepening population aging and a continuous year-on-year decline in the number of newborns. The high cost of child-rearing has significantly curbed families’ willingness to have children, while short-term cash maternity subsidies have limited incentive effects and cannot effectively ease families’ long-term childcare burdens. Based on the goals of high-quality population development and inclusive finance development in the 15th Five-Year Plan, this paper draws on practical experience of newborn investment accounts overseas and proposes an innovative scheme to establish dedicated securities investment fund accounts for newborns in China. A complete institutional framework is constructed from four dimensions: account management, fund raising, investment operation, and staged withdrawal. It defines a coordinated regulatory mechanism involving the Ministry of Finance, the Ministry of Human Resources and Social Security, and the China Securities Regulatory Commission. Policy effectiveness is measured using long-term return data from capital markets. The study verifies that this system can offset child-rearing costs through compound appreciation of funds and boost fertility intentions. Meanwhile, it can foster long-term capital for the capital market and improve the national wealth accumulation system, bearing important practical significance for advancing the coordinated high-quality development of population and finance.
