Cai Fang, member of the Monetary Policy Committee of the Central Bank of China: Women have too much time for housework, and they also have to take into account employment, which reduces the willingness to have children

The 2021 Global Wealth Management Forum was held in Beijing on October 23-24. Cai Fang, former vice president of the Chinese Academy of Social Sciences and member of the Monetary Policy Committee of the Central Bank of China, attended and delivered a speech.

Cai Fang said that China's labor force participation rate is the highest in the world, especially the female labor force employment rate, which is twice as high as that of many developing countries.

He said that according to a survey conducted by the National Bureau of Statistics in 2008, the part of China's National Accounts that creates GDP, including employment, operation and transportation, is carried out for 311 minutes per day, compared with unpaid labor including domestic work, care activities and other related activities, the two is 1:0.53, that is, if 1 point is employment activities, 0.53 minutes are income-free activities, which are mainly family labor, of which women's domestic labor time is 2.6 times that of men, which is at a high level in the world.

Cai Fang said that this excessive burden will affect the income of the family, the family income situation affects people's mental outlook, affects people's spirit of innovation and entrepreneurship, and ultimately affects the social mobility of employees, but also affects consumption, there is no time to travel, there is no time to go out shopping, will hinder the growth of consumption. It affects savings because budget constraints on household time and financial budget constraints on households are mutually influential. In the end, there is a more important factor, that is, too much time for family care, too much time for domestic work, especially for women, and at the same time take into account employment, so it reduces the willingness to have children and is not conducive to the sustainable development of the population.

Source: Sina Finance