China: Expands Social Safety Nets, Adds North Korean Guest Workers

July 2nd, 2012
in econ_news

Econintersect: Most readers know Econintersect believes much of the "new normal" effects in the USA were caused by a demographic shift caused by an aging population.   Aging populations do not consume as much as younger populations.  China too has a growing aging population, and has been taking steps to install social safety nets.  The latest safety net as reported by Xinhua:

"We must ensure that the new pension insurance system covers all rural residents and unemployed urbanites by the end of this year," said Yin Weimin, minister of human resources and social security, at a launching ceremony for the campaign held in Xibaipo, a village in north China's Hebei province.

Follow up:

More than 380 million Chinese have been insured by the urban-rural residents social pension insurance system over the past three years, with about 100 million aged people claiming basic pension granted by the state every month, according to the minister.

Read the entire post:

China on Sunday launched a campaign aiming to provide pension insurance to all rural residents and unemployed citizens in order to help the country cope with its aging population

Econintersect Recommended China Reads for Today:

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China hires tens of thousands of North Korea guest workersBecause of sanctions, North Korea is unable to export weapons. So it is using its people to raise money. Most of their earnings will go directly to the North Korean regime.SEOUL — China is quietly inviting tens of thousands of North Korean guest workers into the country in a deal that will provide a cash infusion to help prop up a teetering regime with little more to export than the drudgery of a desperately poor population...

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Geng Yansheng, spokesman of the Ministry of National Defense (MND) of the People's Republic of China (PRC), said at the regular press conference of the MND held on the afternoon of June 28, 2012 that China's manned space engineering and China's manned deep submergence engineering are both for peaceful purposes.
In a signal that the world's second-largest economy hasn't bottomed out, China's manufacturing activity last month grew at the slowest pace since November.


Steven Hansen

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