China's recently announced phased free preschool education policy is expected to benefit around 12 million people in the upcoming fall semester alone, and reduce education costs for families across the country by 20 billion yuan (about US$2.8 billion), Vice Finance Minister Guo Tingting said at a policy briefing on Thursday. She described the initiative as a strategic measure to further enhance people's well-being and a vital step toward building a family-friendly society.