Child welfare policy should place dual emphasis on short-term social assistance/protection and long-term child development. This paper first presents the landscape of child welfare system in China and then highlights the impact of asset-based policy ideas on the development of child welfare policies. By reviewing a particular policy program—Child Development Accounts（CDAs）running in different countries and places，this paper further discusses the implication of CDAs for child welfare policies in China，particularly the potential of establishing similar programs in the country. This discussion is expected to generate more valuable policy-making and academic debates on the development of CDAs in mainland China.