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Make it per month and until the kid is 18 years old, not 3 years, and many will jump at the opportunity. And that would be a lot closer to the real cost of raising a child. The red pill crowd even seems to assume women would see that as a whole career. Oh, the government can't afford that? Then I guess having many children is not economically viable and population shrinking is the only way to go.
Germany does about half of that (255€ per month and child until 25 or until the child finishes their education) and still birth rates are in the gutter
The cost of living is much higher in Germany and even "half of" enough would still be considerably less than enough.
Yes, it's about two- to three times as high. I realized I messed up in my original comment, tho:
255€ a month, vs 500ish$ a year. That's several times more (and still not enough), and it lasts until the child is grown up, not just three years. This will not have an impact on China's population crisis