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Wang made the announcement on Saturday during a meeting of the China Social Welfare Academy, a Chinese NGO that works closely with the government. A spokesperson for the organization declined commenting on Wang's speech to CNN.
The announcement was in part prompted by a survey the NHFPC carried out in 2015, showing that 60% of families polled were reluctant to have a second child because of financial constraints, according to China Daily.
One-child policy
Lu Jiehua, a sociology professor at Peking University, said that financial incentives for a second child are a "positive signal."
But how much the government can afford to subsidize -- in a country where the cost of living and education are skyrocketing -- will determine whether the potential bonuses will work, he said.
"The financial incentives would require more effort from other government agencies to cover the cost of raising a child, which is more important than giving birth," Lu said.
In search of a baby boom
The one-child policy was introduced in 1979 when the government feared a rapid increase in population size after the baby boom of the 1950s and 1960s.
The country's fertility rate fell dramatically, from a peak of almost six births per female between 1960 and 1965 to 1.5 per woman between 1995 and 2014.
By 2030, the government has warned China will have the most aged population on Earth, with more than 400 million people over 60.
Waiting for the newborns
So far -- when it comes to energizing China's birth rate -- the two-child policy is working, with or without subsidies.
Challenges still remain when it comes to building up the country's newest workforce.
Lu said that women in China who are now of child-bearing age were raised under the one-child policy. Having grown up under strict family planning policies, many are inclined not to have children -- let alone second pregnancies.
"It's hard to change their mindset," Lu said.
CNN's Serenitie Wang and Yuhan Li contributed to this report.