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by maxglute
880 days ago
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Xi doesn't want welfare state. So model is not going to be UBI cash money cheques. It's going to be social transfer in kind like cafeterias in this article. Well not until they sort out e-yuan and better direct consumption. https://www.economist.com/finance-and-economics/2023/10/10/h... The other point not contemplated is PRC building out basic welfare net (but not welfare state) is probably not going to be very onerous due to income inequality. 600M on 1000rmb household spending, 900m on 2000rmb household spending, with high home ownership, and high safings. 2/3 of population are poor enough they can be provided for with single digit GDP spending. |
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