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China's government announces new three-child policy for couples

China's government announced Monday it is relaxing strict family planning restrictions and allowing couples to have three children each, per an official Xinhua news agency post translated by Channel News Asia.

Why it matters: The government lifted the two-children-per-parents limit in order to counter an aging population and falling birth rate that had raised concerns about the country's economic future.

Go deeper: China's population woes

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