China to allow couples to have up to 3 children

China's Communist Party says it will allow married couples to have up to three children instead of two in hopes of slowing the impact of an aging population.

The state-run Xinhua news agency said the Communist Party announced the new policy at a politburo meeting on Monday.

The agency said the policy change will come with "supportive measures, which will be conducive to improving China's population structure," but no specific schedule was disclosed.

China had pursued a one-child policy for more than three decades to curb rapid population growth, but introduced a two-child limit in 2016 as the country faced a shrinking labor force amid an increasingly graying society.

But easing the one-child policy has not been able to stem the decline in birthrate, due to the economic burden of raising children and changing values in society.