This is going to seriously screw over China. You have the 4-2-1 problem: 4 grandparents living off of 2 parents who are living off of 1 child. It obviously will not work, China doesn't have the wealth to support the welfare and Chinese parents demand retirement and this sort of support from their children.

China collapses in the 2020's due to demographic pressure and inequality. Demographic trends are all but unavoidable.