While the government sets its sight on how to maintain and improve the country's economy, it does not take for granted the welfare of its people, especially the elderly.

On Friday, the Chinese government announced that it has launched the first government-sponsored fund that aims to provide assistance to "shidu" elderly.

Like Us on Facebook

In China, "shidu" refers to old parents, aged 60 or above, who have lost their only child.

Han Xuechen, the fund's director, said the fund will provide financial assistance to aged parents having financial difficulties. He added that the fund will surely offer mental consolation and life assistance to "shidu".

The fund can be given directly to the beneficiary through the community or nursing homes were "shidus" are staying.

US$1.6 Million in Donations

The "shidu" fund will be supervised by the country's Ministry of Civil Affairs (MCA). So far, it has already raised at least 10 million yuan, or around US$1.6 million, through donations from private groups and individuals.

Han said the government knows how hard it is for "shidu" parents to survive everyday especially if they have been depending on their children to look after them during their golden days.

Although it is still under a pilot launch in Beijing and Beichuan, the program could be gradually expanded to other cities and provinces, said Han.

China is currently facing a growing aged population. As of 2013, the country has recorded 201 million people aged 60 or above.

300 Million Aged Chinese in 2015

MCA Vice Minister Dou Yupei said the number could balloon to more than 300 million in 10 years, with majority of the aging population elderly parents who have lost their only child.

Aside from launching the "shidu" fund, the Chinese government has also beefed up its pension system to ensure that the retiring population will get the right pension.

The government also approved a legislation that allows two children for parents who are both an only child.