Beijing urged to overhaul welfare system – Richard McGregor

From The Financial Times:

China must urgently address the nation’s looming pension and healthcare crises while government has the financial resources to tackle them, says Zhou Xiaochuan, head of the central bank.

Mr Zhou, governor of the People’s Bank of China, called for a mix of private health and pension insurance and cash support for the poor as part of an overhaul of the welfare system.

China has large unfunded pension liabilities, resulting from the collapse of state enterprises that once guaranteed cradle-to-grave support for workers. [Full Text]


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