Chinese author Mo Yan, winner of the 2012 Nobel Prize for Literature, is seeking to mitigate the negative impact of China's one-child policy on families' finances in a proposal that he submitted to the political advisory body's ongoing annual session.

Mo, a member of the Chinese People's Political Consultative Conference for the second straight year, says while the one-child policy helped to deter rapid population growth, it has created a financial pressure on aging parents who traditionally rely on their offspring for support in their twilight years.

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In his proposal, Mo pointed out that under a 1980 policy, one-child families get a monthly allowance of only 5 yuan, an amount that can barely cover the costs of today's living.

The situation turns for the worse, Mo says, when a family loses their only child.

Mo is proposing for better financial support for parents who have lost their only child and that they be included in the government's medical and insurance system.  

He cited the experience of more than 3,000 people in his hometown of Shandong Province who had lost their only child.

"How can a rural couple in their 60s spend their lonely life?" Mo asked.

"When they lose their ability to work, they should enjoy the same wage and treatment as government civil servants," the Nobel laureate said.

Mo is the first ever Chinese citizen to have won the prestigious Nobel award.