I do have pity for children in China, especially the responsibility that is thrust upon them to provide for the rest of the family.
In general, parents in Australia, do not want their children to provide for their the parents and grand -parents, rather they want to leave something for the children's future. Of course Australia is luckier than most countries because Australia provides welfare for citizens who are disadvantaged, e.g. aged pension, unemployment benefits, disability welfare.
We also have superannuation which is a default savings system. Basically, the worker pays an amount, the employer then has to pay a similar amount and the government pay into the super as well. so the advantage is that you pay 1 and get 3 in return. Many super funds mature when you reach 55.
The "aging population" is a concept that is real throughout the world. People are living longer and families are getting smaller. I was born into a large family of 6 boys where any or all of us can provide for our parents with little hardship, however, in China where there is a single child policy and the burden to provide for the entire family is expected.